Apple CEO Tim Cook’s salary takes a $36 million dip in 2023: Report

Cook's compensation sees a significant dip, despite surpassing the $49 million target by 28%, indicating shifts in Apple's executive pay structure

In a surprising turn of events, Apple’s Chief Executive Officer, Tim Cook, experienced a significant drop in his salary by nearly $36 million during the fiscal year 2023. The tech giant’s proxy filing with the US Securities Exchange Commission reveals intriguing details about Cook’s compensation and the factors influencing the change.

According to Apple’s proxy filing, Cook’s total compensation for the year 2023 amounted to $63.21 million. While this figure is undoubtedly substantial, it reflects a notable decrease compared to his 2022 salary of $99.42 million. The decrease, however, is juxtaposed against the fact that Cook’s 2023 compensation exceeded the $49 million target by an impressive 28%.

Breaking down the components of Cook’s compensation, the filing discloses that his salary remained consistent at $3 million, the same as in 2022 and 2021. On the equity side, Cook was awarded stocks worth $46,970,283 during the past year. Non-equity incentive plan compensation added another $10,713,450 to his earnings, with additional compensation totalling $2,526,112. The cumulative effect places Cook’s total salary for 2023 at $63,209,845, as per recent reports.

Interestingly, despite the decrease in overall compensation, Cook expressed optimism and pride in Apple’s achievements during the year. The introduction of the Apple Vision Pro, described as the company’s first spatial computer, marks a historic milestone. Cook stated in the regulatory filing, “It’s been a remarkable year. In 2023, we made history by introducing the world to Apple’s first spatial computer, Apple Vision Pro — a revolutionary product that seamlessly blends digital content with the physical world, opening a whole new dimension for our users.”

Apple’s entry into the augmented and virtual reality headset market intensifies competition, putting the tech giant in direct rivalry with Meta Platforms Inc. and other manufacturers in the industry.