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.
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.
Popular Stories
While the iPhone 17 Pro and iPhone 17 Pro Max are not expected to launch until September, there are already plenty of rumors about the devices.
Below, we recap key changes rumored for the iPhone 17 Pro models as of March 2025:
Aluminum frame: iPhone 17 Pro models are rumored to have an aluminum frame, whereas the iPhone 15 Pro and iPhone 16 Pro models have a titanium frame, and the iPhone ...
With the second release candidate of iOS 18.4 that Apple seeded out today, the company finally provided us with release notes that give a full rundown on what to expect.
There's an Apple Vision Pro app, new Apple Intelligence features for notifications and additional language support, plus an Apple News Food feature for Apple News+ subscribers, and several updates that should improve the...
Apple is reportedly working on a new Magic Mouse. Below, we recap what to expect.
The two key rumors for the Magic Mouse 3 so far include a relocated charging port, along with a more ergonomic design.
It was briefly rumored that the Magic Mouse 3 would also feature voice control, but that was misinterpreted information.
Relocated Charging Port
While the Magic Mouse switched from...
We've been hearing rumors about a foldable iPhone for almost a decade now, but it looks like we might finally see the device come to fruition in 2026. We're going to be waiting many more months for the foldable iPhone, but so far we're hearing good things.
Apple wants to make it creaseless. It's taken Apple multiple years to design a foldable iPhone that it's satisfied with because Apple ...
Apple's big developer event is a little over two months away, and rumors about what we can expect to see in Apple's next major operating system updates are becoming increasingly frequent.
A public release of iOS 18.4 is also imminent with a number of updates and improvements, although we won't be getting the major Apple Intelligence Siri upgrades that had reportedly been planned for this...
Multiple sources have claimed that iOS 19 will introduce a new design with more translucent buttons, menus, notification banners, and more, and there is now another clue that points towards this glass-like appearance.
Bloomberg's Mark Gurman today said the new design project is codenamed "Solarium" internally. A solarium is a room with glass walls that allow in plenty of sunlight, so this...
In the mid-to-late 2000s, Facebook was all about staying connected with friends and family. However, as the social media platform added new features and grew over time, that core experience began to get drowned out.
That changes starting now, according to Meta, which today introduced a new feature that will "bring back the joy" of classic Facebook.
Specifically, Meta has redesigned the...
Apple's upcoming "iPhone Fold" will feature a foldable screen with a 4:3 aspect ratio, according to a Chinese leaker who previously leaked the book-style device's display dimensions.
The Weibo-based account Digital Chat Station claims that Apple will adopt a "roughly" 4:3 aspect ratio on the inner display in order to achieve consistency between the outer display, as well as to ensure parity...
