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Apple CEO Tim Cook’s earnings fell by $36M in 2023

Apple CEO, Tim Cook, stands on stage at the September 2021 Fall Apple Event.
Apple / Apple

Apple compensated its CEO to the tune of $63.2 million in 2023, down from $99.4 million a year earlier.

The data was revealed in an Apple proxy statement released on Thursday.

Cook’s total earnings for 2023 comprised a base salary of $3 million, stock awards worth $47 million, performance-based bonus awards totaling $10.7 million, and additional compensation worth $2.5 million covering things such as 401(k) contributions, term life insurance premiums, vacation cash-out, security costs, and personal air travel expenses.

The drop of $33 million in his 2022 compensation was mainly due to the diminished value of Cook’s stock awards, valued at $47 million last year compared to $83 in the previous year.

Other senior executives at Apple — among them Luca Maestri, Kate Adams, Deirdre O’Brien, and Jeff Williams — were each compensated around $27 million, with most of that coming via stock awards.

Considering Apple’s huge success in persuading people to buy its iPhones, Macs, iPads, and other devices, and also to sign up for subscription services like Apple Music and Apple TV+, it’s little surprise that members of its top team are earning tens of millions of dollars annually.

In its most recently reported quarter ending September 30, Apple posted revenue of $89.5 billion and a net quarterly profit of $23 billion.

“Today Apple is pleased to report a September quarter revenue record for iPhone and an all-time revenue record in Services,” Cook said at the time.

For the full fiscal year covering most of 2023, the tech giant saw $383.3 billion worth of sales and $97 billion in net income, slightly down on the $394.3 billion in sales and $99.8 billion in net income it achieved during the preceding year.

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Trevor Mogg
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