Apple CEO Tim Cook raked in some serious cash in the earlier year, 2023, however, it was still lower than what he made in 2022. Another assertion delivered by the Cupertino monster uncovered that Cook procured $63.2 million of every 2023. Nonetheless, in 2024, Cook had rounded up more than $99.4 million of every 2022.
In a new yearly intermediary proclamation, Apple unveiled insights concerning chief remuneration, investor proposition, and forthcoming changes to its top managerial staff. Strikingly, the report uncovered that Apple CEO Tim Cook saw a significant diminish in his profit for 2023 contrasted with the earlier year.
In 2022, Cook’s objective pay was set at $84 million, however, he surpassed assumptions, acquiring $99.4 million. Be that as it may, for 2023, Cook’s objective remuneration took an eminent plunge, falling by 40% to $49 million.
Despite the diminished objective, the intermediary recording uncovered that Cook’s absolute pay for 2023 outperformed the planned sum. Cook’s income for the year came to $63,209,845, around 28% higher than the first arranged $49 million. Regardless of this increment, Cook’s all-out remuneration saw a 36 percent decline from the noteworthy $99.4 million he procured in 2022.
The breakdown of Cook’s 2023 remuneration incorporates a compensation of $3 million, stock honors adding up to $46,970,283, non-value motivator plan pay adding up to $10,713,450, and other pay amounting to $2,526,112.
Apple likewise unveiled that the middle yearly all-out remuneration for its typical representative in 2023 was $94,118. This brought about a compensation proportion of 672 to 1 among Cook and the middle Apple specialist, featuring the huge divergence in profit inside the organization.
Other key chiefs at Apple additionally got significant pay for 2023:
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
Furthermore, Apple’s top managerial staff has kept a strategy starting around 2017 expecting Cook to involve a personal luxury plane for both business and individual travel because of safety and productivity reasons. The report uncovered that Apple burned through $1,621,468 on private air travel costs for Cook in 2023, over two times the sum spent in 2022. The organization likewise put $820,309 in private security for Cook, taking care of direct expenses and a level of fixed costs caused by Apple.
Despite the decline in general pay, Tim Cook’s profit stays significant, and the exposure gives experience into the organization’s obligation to straightforwardness concerning leader remuneration and related costs.
