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.

tim cook macbook pro
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.

Tags: Tim Cook, AAPL

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Top Rated Comments

fel10 Avatar
19 months ago
Oh no. Let’s start a GoFund me for Tim. Sending thoughts and prayers.
Score: 137 Votes (Like | Disagree)
cjzielie Avatar
19 months ago
definitely wasn't an innovation bonus thats for damn sure
Score: 76 Votes (Like | Disagree)
Scipster Avatar
19 months ago
A drop in the bucket for a $2T company

As Bill Gates used to say, "once you get beyond a million dollars, it's still the same hamburger"
Score: 55 Votes (Like | Disagree)
TSteffen Avatar
19 months ago
He had a contract… board signed off on it. Based on it he helped make a lot of money for a lot of people. Given the optics and the economy (now and predictions) he is cool with reworking compensation to what feels more appropriate (for his position and the moment). This is consistent with Mr. Cook’s character and leadership. It’s petty to snark. How much relative to profitability did some other tech leaders make last year? Did they take a cut?
Score: 38 Votes (Like | Disagree)
TheYayAreaLiving ?️ Avatar
19 months ago

definitely wasn't an innovation bonus thats for damn sure
The shareholders are not happy with the current iPad lineup. It's too confusing. My iPad Pencil (2nd generation) is useless right now and I don't have an iPad Pencil (1st generation). In addition, bring back the iPhone Mini. Only one person to blame over here.
Score: 24 Votes (Like | Disagree)
TheYayAreaLiving ?️ Avatar
19 months ago
As Mr. Tim Cook should! It starts from a top Leader on the totem pole.
Score: 23 Votes (Like | Disagree)