Apple CEO Tim Cook’s total compensation decreased to $63.2 million in 2023 from $99.4 million the previous year, according to a recent proxy statement. Although his base salary has been $3 million annually since 2016, stock awards and performance-based bonuses boosted his overall earnings.
Cook’s compensation included $46.9 million in stock awards, $10.7 million in non-equity incentive plan compensation, and $2.5 million in other compensation covering security expenses and private jet travel. Cook voluntarily agreed to a near-40% reduction following shareholder concerns about his pay package.
Despite his earnings, Cook is reportedly worth about $2.1 billion, falling short of the $6 billion required for the Bloomberg Billionaires Index. The CEO, who took over Apple in August 2011, recently announced solid second-quarter earnings, slightly exceeding Wall Street expectations.
Apple’s latest financial results showed a 4% decrease in revenues, with iPhone and wearables sales declining. Sales in China also dropped from the previous year. However, Apple initiated its largest share buyback of $110 billion and increased its quarterly dividend by 4%, leading to a nearly 6% rise in premarket trading.
The tech giant is gearing up for its Worldwide Developers Conference in June and a virtual event in May, potentially unveiling new products like the iPad Pro. Despite the recent financial fluctuations, Apple remains a key player in the tech industry, maintaining its focus on innovation and growth.
