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