As it does every year, Apple released its proxy statement to investors on Thursday, detailing executives’ pay alongside other information. And, as expected, the statement also reveals CEO Tim Cook’s compensation for 2023. 

Turns out, Tim Cook earned $63.2 million from Apple in 2023. This sum exceeds his initial target of $49 million earnings in 2023 by 28%. This comes after a year where he exceeded his initial $84 million target by a significant margin, ultimately receiving $99.4 million in 2022. 

Tim Cook earnings

The breakdown of Cook’s 2023 compensation shows a $3 million salary, $46.9 million in stock awards, $10.7 million in performance incentives, and $2.5 million in other compensations. While the sum is a 36% decrease compared to his 2022 earnings, Cook has still surpassed the lowered target set for 2023. 

Separately, as per the company’s 2017 policy requiring Cook’s use of a private jet for business and personal travel, Apple incurred $1,621,468 in personal air travel expenses for him in 2023. This is more than twofold increase compared to 2022. Additionally, Apple spent $820,309 on Cook’s personal security, calculated based on the incremental costs associated with dedicated security services.

The proxy statement also sheds light on the broader employee compensation picture at Apple. The median annual compensation for Apple employees in 2023 stood at $94,118. This translates to a staggering 672-to-1 pay ratio between Cook’s earnings and the median employee’s.

Beyond the CEO, the compensation details of other top executives were also revealed. Luca Maestri (Chief Financial Officer) earned $26.9 million, Kate Adams (General Counsel and Secretary) received $26.9 million, Deirdre O’Brien (Senior Vice President of Retail) received $26.9 million, and Jeff Williams (Chief Operating Officer) received $26.9 million.

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