January 12, 2024 – Apple Inc. today released a comprehensive 116-page annual report tailored for investors, revealing key insights into executive compensation, shareholder proposals, and announcing its annual shareholder meeting scheduled for February 28th of this year.
At the helm of the tech giant, CEO Tim Cook’s compensation package for 2023 tells an interesting story. While his target compensation for 2022 stood at 84million,heactuallyearned99.4 million. For 2023, Cook’s target remuneration was set at $49 million, marking a 40% decrease from the previous year’s target. However, as today’s proxy filing reveals, Cook’s actual earnings for 2023 significantly exceeded this benchmark.
Apple disclosed that Cook’s total compensation for 2023 amounted to 63,209,845(roughlyequivalenttoRMB454million),whichisapproximately2849 million. Nevertheless, this figure represents a decrease of about 36% compared to his 2022 earnings.
Breaking down Cook’s compensation for 2023, it includes:
Salary: $3 million
Stock awards: $46,970,283
Non-equity incentive plan compensation: $10,713,450
All other compensation: $2,526,112
Notably, Apple stated that the median employee compensation for 2023 was $94,118. This translates to a pay ratio of 672:1 between Cook and the median Apple employee.
Other members of Apple’s executive team also received notable compensation packages in 2023, including:
Luca Maestri, Chief Financial Officer: $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, Chief Operating Officer: $26,961,226
The report also shed light on the costs associated with Cook’s private jet travel and personal security. In 2017, Apple’s board implemented a policy requiring Cook to use private aircraft for all business and personal travel, citing “safety and efficiency reasons.” Since then, there has been significant interest in the expenses incurred by Apple for Cook’s private jet usage and security.
According to Apple, the cost of Cook’s personal air travel in 2023 amounted to 1,621,468(roughlyRMB11.64million),whichismorethandoubletheamountspentin2022.Additionally,Appleincurred820,309 in incremental costs for Cook’s personal security, determined by allocating direct costs and a proportion of fixed costs incurred by Apple for providing such services.
