Apple CEO Tim Cook Taking Substantial Pay Cut in 2023 After Earning Nearly $100 Million Last Year
Apple CEO Tim Cook's total compensation was $99.4 million in 2022, according to the company's proxy statement released today. His compensation included a $3 million salary, roughly $83 million in stock awards, and $13.4 million in other forms of compensation. Cook's total compensation in 2021 was $98.7 million.
Cook will be taking a substantial pay cut in 2023, as noted by Bloomberg's Mark Gurman. Based on shareholder feedback and Cook's recommendation to adjust his compensation in light of the feedback, the filing indicates that his target compensation for 2023 will be $49 million, which is over 40% less than his target compensation in 2022.
Despite the pay cut, Apple's Compensation Committee said the company had "exceptional performance" in 2022 under the leadership of Cook, who has served as CEO since 2011. The proxy statement indicates that the percentage of performance-based RSUs granted to Cook was increased from 50% to 75% of his 2023 target equity award.
Ahead of Apple's annual shareholders meeting on March 10, Cook shared a message to shareholders reflecting on the past year, with an excerpt below:
The global challenges with us all today — from inflation, to war in Eastern Europe, to the enduring impacts of the pandemic — make this a time for deliberate and thoughtful action. But it is not a time to retreat from the future. We’ve always run Apple for the long-term, and that means continuing to invest in innovation, in people, and in the positive difference we can make in the world.
Today, we have the strongest lineup of products and services we’ve ever had, and our technology has never shown up for our users in more ways. And our latest innovations are helping so many of us harness our creativity, connect with loved ones, find entertainment and joy, and live safer, healthier lives.
The full letter can be found on page six of the proxy statement linked above.
Popular Stories
Apple's iPhone 17 Pro and iPhone 17 Pro Max models will feature a number of significant display, thermal, and battery improvements, according to new late-stage rumors.
According to the Weibo leaker known as "Instant Digital," the iPhone 17 Pro models will feature displays with higher brightness, making it more suitable for use in direct sunlight for prolonged periods. The iPhone 16 Pro and...
Just one week before Apple is expected to unveil the iPhone 17 series, an analyst has shared new price estimates for the devices.
Here are J.P. Morgan analyst Samik Chatterjee's price estimates for the iPhone 17 series in the United States, according to 9to5Mac:
Model
Starting Price
Model
Starting Price
Change
iPhone 16
$799
iPhone 17
...
Apple is expected to unveil the iPhone 17 series on Tuesday, September 9, and last-minute rumors about the devices continue to surface.
The latest info comes from a leaker known as Majin Bu, who has shared alleged images of Apple's Clear Case for the iPhone 17 Pro and Pro Max, or at least replicas.
Image Credit: @MajinBuOfficial
The images show three alleged changes compared to Apple's iP...
Apple will launch its new iPhone 17 series this month, and the iPhone 17 Pro models are expected to get a new design for the rear casing and the camera area. But more significant changes to the lineup are not expected until next year, when the iPhone 18 models arrive.
If you're thinking of trading in your iPhone for this year's latest, consider the following features rumored to be coming to...
An iPhone 17 announcement is a dead cert for September 2025 – Apple has already sent out invites for an "Awe dropping" event on Tuesday, September 9 at the Apple Park campus in Cupertino, California. The timing follows Apple's trend of introducing new iPhone models annually in the fall.
At the event, Apple is expected to unveil its new-generation iPhone 17, an all-new ultra-thin iPhone 17...
We're only days away from Apple's "Awe dropping" fall event scheduled to take place on Tuesday, September 9 – and along with the new iPhone 17 series, we're going to get a new version of the Apple Watch Ultra for the first time since 2023.
By the time the Ultra 3 is unveiled, it will have been two years since the previous model arrived. The intervening period has left plenty of room for...
