Tim Cook's pay drops to $63 million for 2023

Posted:
in General Discussion

Apple CEO Tim Cook took home $63.2 million for fiscal year 2023, dropping from $99.4 million the previous year, although it was at his own request.




In January 2023, Tim Cook asked that his overall compensation be reduced over 40%. It was following what Apple's Compensation Committee said was a Say on Pay advisory with "broader shareholder engagement on executive compensation in 2022."

Now Apple's latest filing with the Securities and Exchange Commission (SEC), as first spotted by The Hollywood Reporter, confirms that Cook received a $3 million base station, plus $47 million in stock awards. He also made $10.7 million from non-equity compensation, and $2.5 million in other compensation, reportedly chiefly security-related costs.

Cook's $3 million base salary is the same as it was for fiscal year 2022. But in that year he earned $83 million in stock awards, $12 million in non-equity compensation, and a mere $1.4 million in other compensation.

In 2021, Cook earned $98.7 million overall, and in that year he first said that he expects to leave Apple during the next decade.



Read on AppleInsider

Comments

  • Reply 1 of 14
    PemaPema Posts: 50member
    I am certain that Tim Cook is not queuing up for free handouts at his local church charity  :D
    watto_cobra
  • Reply 2 of 14
    Unlike most uber CEOs, he probably earned it. That being said, tax the rich like we did back in the good ol' 1950s.
    davronnchasmbaconstangpaxmanwatto_cobra
  • Reply 3 of 14
    I'd like to request that my pay be dropped to even lower than the other Tim. I could probably survive just fine on an even $50 million.
    ronnbyronlwatto_cobra
  • Reply 4 of 14
    AppleZuluAppleZulu Posts: 2,074member
    Good on Mr. Cook for taking less, but CEO pay is ridiculous and obscene. Our financial system has created a corrupt feedback loop that incentivizes corporate boards and corporate executives to ratchet up pay in a sick distortion of "competition" that overvalues the contributions of company executives. CEOs sit on each others' Boards of Directors and convince each other to offer more and more stratospheric compensation packages, lest some other company offer even more and steal them away. I mean, Tim Cook is clearly a great CEO. His company have been successful. But is he hit-the-lottery-every-year great? Is anyone?
    Xedchasmwatto_cobra
  • Reply 5 of 14
    MarvinMarvin Posts: 15,383moderator
    Pema said:
    I am certain that Tim Cook is not queuing up for free handouts at his local church charity  :D
    It says here he has around $2b now:

    https://www.businessinsider.com/tim-cook-net-worth?op=1

    If he lives until he is 100, that would be $54m per year spending money, which can buy one of these every year:

    https://www.zillow.com/homedetails/3-The-Point-Coronado-CA-92118/17150246_zpid/
    https://www.zillow.com/homedetails/755-Sarbonne-Rd-Los-Angeles-CA-90077/20529318_zpid/
    https://www.zillow.com/homedetails/10250-W-Sunset-Blvd-Los-Angeles-CA-90077/20524392_zpid/

    He'll be ok with the pay reduction. In the end, he'll probably give most of it away or it will be part of a huge inheritance for his family, his personal spending habit is reportedly frugal (relatively).

    He gives a lot to charity, hospitals:

    https://www.cnet.com/tech/tech-industry/apple-ceo-tim-cook-donates-100-million-to-charity/

    Apple's been investing in affordable housing too, Tim Cook points out that the way things are heading is unsustainable:

    https://www.cbsnews.com/sanfrancisco/news/apple-housing-silicon-valley-affordable-homes-san-francisco-tim-cook/

    Affordable housing is necessary for people to start families. Birth rates are declining everywhere. If a country's elderly population exceeds its working class, it's game over. There are over 700 billionaires in the US. The US needs an extra 700k children per year, paying people $50k per child would cost $35b/year but affordable housing might be just as effective.

    Wealth inequality is destroying countries everywhere and for no reason, the people at the top just have the money sitting in investments that mean nothing to them. The trend is worsening year after year.

    Tim Cook is a good person and it's likely he will put his earnings to good use to benefit other people. It's better he gets it than some hedge fund manager.
    chasmronnthtwatto_cobraBart Ynetrox
  • Reply 6 of 14
    Poor Tim...
  • Reply 7 of 14
    chasmchasm Posts: 3,386member
    In terms of the value he and his leadership bring to Apple, he’s probably underpaid. It’s a staggering amount of money to the rest of us, of course, and it is very very likely that he will use a lot of that money to establish a charitable foundation after he retires, since he will continue to benefit from his stock holdings in Apple. He has mentioned similar plans for philanthropy in the past on numerous occasions.

    That said, CEO pay is generally grotesque in a world where even the very rich country of America has been paying its workers so poorly that their incomes don’t even keep pace with inflation (even in years where inflation is very modest), and their hopes of things like home ownership and secure retirements are disappearing.

    My personal view on this is that a universal basic income tied to inflation rates would be a good start, but the bigger issue is that capitalism is completely broken and wealth taxes are going to have to happen to even begin to address the downward spiral the majority of the population of the world are facing.
    ronnwatto_cobra
  • Reply 8 of 14
    paxmanpaxman Posts: 4,729member
    I am a fan, but absolutely nobody is worth that much. I am sure TC would agree if pushed. Not to get political but I favour maximum wage. At a certain point the fact that you are incredibly good at your job and that you love it, should be enough. By all means - accolades and dog park naming but corporate leadership pay and military spending are both out of control. Imagine what could be done if 50% of all that green went to 'the people'. Just sayin'.
    ronnwatto_cobra
  • Reply 9 of 14
    sdw2001sdw2001 Posts: 18,020member
    Appleish said:
    Unlike most uber CEOs, he probably earned it. That being said, tax the rich like we did back in the good ol' 1950s.
    That’s a common misconception. The rates were higher, but almost no one paid them. The income limits were high enough that most people never got to that top rate. And when I say most people, I mean even the so-called rich.  The rich already pay the lion’s share of taxes in this country.  
    watto_cobragrandact73
  • Reply 10 of 14
    MplsPMplsP Posts: 3,965member
    I’m starting a GoFundMe campaign for him…
    watto_cobragrandact73
  • Reply 11 of 14
    mattinozmattinoz Posts: 2,373member
    MplsP said:
    I’m starting a GoFundMe campaign for him…
    Why? when it clearly states in the article it was at his request. Save your money and go buy a new phone 📱 
  • Reply 12 of 14
    timpetus said:
    I'd like to request that my pay be dropped to even lower than the other Tim. I could probably survive just fine on an even $50 million.
    00,99 less would be poverty.  ;)
  • Reply 13 of 14
    Lunch money
  • Reply 14 of 14
    1348513485 Posts: 357member
    AppleZulu said:
    Good on Mr. Cook for taking less, but CEO pay is ridiculous and obscene. Our financial system has created a corrupt feedback loop that incentivizes corporate boards and corporate executives to ratchet up pay in a sick distortion of "competition" that overvalues the contributions of company executives. CEOs sit on each others' Boards of Directors and convince each other to offer more and more stratospheric compensation packages, lest some other company offer even more and steal them away. I mean, Tim Cook is clearly a great CEO. His company have been successful. But is he hit-the-lottery-every-year great? Is anyone?
    As a capitalist, I have to agree. The Wack is definitely way out on E-Board pay.
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