Corporate Finance Archives ~ My Mobile India

Highlights Tim Cook's 2023 compensation reaches $63.2 million, exceeding the $49 million target. Other top Apple executives receive around $26.9 million each in 2023. Apple’s CEO-to-employee pay ratio stands at 672 to 1, with median employee earning $94,118. Over $1.6 million spent on Cook’s personal air travel; security costs amount to $820,000. Apple recently disclosed its executive compensation details in its annual proxy statement, including CEO Tim Cook's earnings. For 2023, Cook's compensation surpassed his target of $49 million, reaching approximately $63.2 million. This figure, though 28% above the target, marks a 36% decrease from his 2022 earnings of $99.4 million. The breakdown of his 2023 compensation includes a $3 million salary, stock awards worth nearly $47 million, a non-equity incentive plan of over $10.7 million, and additional compensation totalling around $2.5 million. In comparison, the median Apple employee's annual compensation was $94,118, creating a CEO-to-median-employee pay ratio of 672 to 1. Apple also announced details about its other top executives' compensation. Apple Reveals Executive Compensation Details in 2023 Proxy Statement Luca Maestri, CFO, Kate Adams, General Counsel and Secretary, Deirdre O’Brien, Senior Vice President of Retail, and Jeff Williams, COO, each received around $26.9 million in 2023. Additionally, the company disclosed expenses related to Cook’s security and travel. Apple spent over $1.6 million on Cook's personal air travel and about $820,000 on his personal security for the year 2023. These figures are notably higher than the previous year, with the air travel expenses more than doubling from 2022. The security and travel arrangements are mandated by Apple’s board for efficiency and security reasons, a policy in place since 2017. Furthermore, Apple has scheduled its annual shareholder meeting for February 28 and hinted at upcoming changes to its board of directors. FAQs What was Tim Cook's total compensation for 2023? Tim Cook received a total compensation of approximately $63.2 million in 2023, which is 28% higher than the target of $49 million set for him, but 36% lower than his compensation in 2022. How does Tim Cook's compensation compare to other top Apple executives? In 2023, other top executives at Apple, including CFO Luca Maestri and COO Jeff Williams, received compensations in the vicinity of $26.9 million, significantly less than Cook’s earnings. What is the pay ratio between Tim Cook and the median Apple employee? The pay ratio between CEO Tim Cook and the median Apple employee is 672 to 1, with the median employee’s compensation being $94,118 in 2023. How much did Apple spend on Tim Cook’s personal air travel and security in 2023? Apple incurred over $1.6 million on Cook’s personal air travel and around $820,000 for his personal security in 2023, highlighting increased expenses compared to the previous year. What are Cook’s salary components? The breakdown of Cook's 2023 compensation includes a $3 million salary, stock awards amounting to $46,970,283, non-equity incentive plan compensation of $10,713,450, and additional compensation totaling $2,526,112. While the 2023 figure represents a 36% decrease compared to his 2022 earnings, the substantial surpassing of the $49 million target highlights Cook's continued impact on Apple's success. What does apple say about tim cook salary in apple proxy filing ? “The 2023 annual total compensation of our CEO was $63,209,845, the 2023 annual total compensation of our median compensated employee was $94,118, and the ratio of these amounts is 672 to 1,” Apple said in the proxy filing. Apple has also disclosed that the median annual total compensation for its employees in 2023 stood at $94,118, according to the proxy filing. This revelation highlights the pay ratio of 672 to 1 between Apple CEO Tim Cook and the median compensated employee. Tim Cook’s private jet. Details ? Apple’s board of directors implemented a policy in 2017 that requires Cook to use a private jet for all of his business and personal travel for “security and efficiency reasons.” Since that policy as implemented, people love to know how much Apple spends on Cook’s use of a private jet and security costs. Apple spent $820,309 on personal security for Cook, “which represents the incremental cost to Apple for personal security services provided to Mr. Cook as determined by allocating both direct costs and a percentage of fixed costs incurred by Apple and used to provide such personal security services.” Also Read: Tim Cook Reveals Key Traits for Success at Apple in Recent Interview With Dua Lipa Also Read: Tim Cook Shares Personal Insights in Exclusive Interview with Dua Lipa Also Read: Mysterious Instagram Account Posing as Apple CEO Tim Cook Fools Company Execs, Now Taken Down

Corporate Finance

Apple Reveals Executive Compensation Details in 2023 Proxy Statement, Tim Cook’s Earnings Disclosed