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There is no denying that the CEOs of Big Tech companies are among the highest-paid executives in the world. They usually take millions of dollars in cash, and the rest comes in the form of stock shares, which could also be worth tens of millions of dollars.
With a market cap of over $2.88 trillion, Apple is currently the second-largest company in the world. So it should not be surprising that its CEO, Tim Cook, is on the top earners list. As 9to5mac reports, Apple has released its annual proxy statement to inform shareholders, investors, and the public. The report contains the payments to the company’s executives and other related expenses.
According to Apple’s statement, Tim Cook’s promised compensation for 2023 was $49 million. This is a 40% decline from the $84 million targeted in 2022. However, the actual number shows that CEO Cook could earn much more than the targeted compensation.
Apple reveals Tim Cook’s salary and his other expenses in 2023
To be exact, Tim Cook earned $63,209,845 in 2023, which is roughly 28% more than what was promised to him ($49 million). The increased payment comes after Apple announced its revenue from iPhone set an all-time record for the quarter. Meanwhile, compared to his 2022 earnings, the 2023 income is still 36% short.
Tim Cook’s salary at Apple was set at $3,000,000, while his stock awards were worth $46,970,283. The non-equity incentive plan compensation is $10,713,450, and all other compensations account for $2,526,112.
Apple also revealed how much it paid for Tim Cook’s private jet costs. In 2023, the tech firm paid $1,621,468 for Cook’s travel expenses. Compared to last year, Cook’s personal jet expenses have almost doubled. Of course, the costs were justified by Apple’s board of directors in 2017 for “security and efficiency reasons.” Protecting the CEO also cost Apple $820,309 in 2023.
Apple’s annual proxy statement includes payments to other company executives. In 2023, Apple Chief Financial Officer Luca Maestri earned $26,935,883, while General Counsel and Secretary Kate Adams made $26,941,705. Also, Apple’s Senior Vice President of Retail, Deirdre O’Brien, received $26,937,010 in compensation, and Chief Operating Officer, Jeff Williams, got $26,961,226.