Apple CEO Tim Cook made $63 million last year — here's how that breaks down
Apple CEO Tim Cook gets a $3 million annual salary, but stock awards boost his total pay considerably. He's worth more than $2 billion, per Forbes.
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- Apple CEO Tim Cook's base salary has been $3 million a year since 2016.
- His total compensation was $63.2 million in 2023, down from $99.4 million the previous year.
- Here's a breakdown of his stock awards, performance-based bonuses, and other compensation.
Apple chief Tim Cook has been paid an annual salary of just $3 million since 2016.
However, the CEO of the second-most valuable US company also gets stock awards and a performance-based bonus, which boosts his overall earnings.
Cook's total compensation amounted to $63.2 million last year, down from $99.4 million in 2022, according to the company's proxy statement filed with the SEC in January.
His pay packet was made up of $46.9 million in stock awards and $10.7 million in non-equity incentive plan compensation. On top of that, he received $2.5 million in other compensation, which includes his security expenses and business and personal travel on a private jet.
The near-40% reduction was requested by Cook in the wake of Apple investors being urged to vote against his 2022 pay package by a shareholder advisory firm.
Cook's compensation is 672 times the median figure for Apple employees of $94,118, per the proxy filing. That figure will be skewed lower by the thousands of staff who work in Apple stores, however.
According to Forbes, Cook is worth about $2.1 billion — and he's not rich enough to make the Bloomberg Billionaires Index, which requires a net worth north of $6 billion.
Cook became CEO of Apple in August 2011.
The company reported second-quarter earnings on Thursday that were slightly above Wall Street expectations of $90.3 billion in revenues at $90.8 billion, down 4%.
iPhone sales fell 10% compared with the same period last year, and its wearables revenue was down by the same amount.
Sales in China came to $16.3 billion for the quarter, down from $17.8 billion a year ago.
Shares jump
The company also announced its biggest share buyback of $110 billion and raised its quarterly dividend by 4%.
Apple shares rose almost 6% in premarket trading on Friday, which would almost erase this year's losses if it holds up at the opening bell.
Apple hosts its annual Worldwide Developers Conference in June, where Cook is expected to reveal details about its generative AI plans.
It's also scheduled a virtual event on May 7, and a new iPad Pro reveal could be on the cards. Bloomberg reported in March Apple planned to launch new iPads in early May.
Apple didn't respond to a request for comment from Business Insider.