Apple today published its annual proxy statement for investors, revealing a number of details about executive compensation, shareholder proposals, and more. Notably, the filing includes details on compensation for Apple executives, including Apple CEO Tim Cook.
Apple also revealed that its annual shareholder meeting is set for February 28 and that changes are coming to its board of directors.
Tim Cook’s total compensation for 2023
In 2022, Cook’s target compensation was $84 million, and he came in above that at $99.4 million. For 2023, Cook’s target compensation was $49 million, a decrease of 40% compared to the 2022 target.
In reality, today’s proxy filing reveals that Cook’s total compensation for 2023 came in well above that target.
Apple says that Cook earned $63,209,845 during 2023, that’s roughly 28% higher than the initially planned $49 million compensation. It’s still down around 36% compared to what he earned in 2022, though.
- Salary: $3,000,000
- Stock Awards: $46,970,283
- Non-Equity Incentive Plan Compensation: $10,713,450
- All Other Compensation: $2,526,112
Apple says that the 2023 annual total compensation of its median compensated employee was $94,118. That equates to a pay ratio of 672 to 1 between Cook and the median Apple worker:
The 2023 annual total compensation of our CEO was $63,209,845, the 2023 annual total compensation of our median compensated employee was $94,118, and the ratio of these amounts is 672 to 1. Thus, this pay ratio reflects a reasonable estimate consistent with SEC rules based on the methodology we described above.
Here are details on Apple’s compensation for its other named executives:
- Luca Maestri, CFO: $26,935,883
- Kate Adams, General Counsel and Secretary: $26,941,705
- Deirdre O’Brien, Senior Vice President of Retail: $26,937,010
- Jeff Williams, COO: $26,961,226
Tim Cook’s private jet
Apple’s board of directors implemented a policy in 2017 that requires Cook to use a private jet for all of his business and personal travel for “security and efficiency reasons.” Since that policy as implemented, people love to know how much Apple spends on Cook’s use of a private jet and security costs.
For 2023, Apple says it spent $1,621,468 in personal air travel expenses for Cook. That’s more than double what was spent in 2022.
Apple spent $820,309 on personal security for Cook, “which represents the incremental cost to Apple for personal security services provided to Mr. Cook as determined by allocating both direct costs and a percentage of fixed costs incurred by Apple and used to provide such personal security services.”
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