In January 2023, Apple announced it was going to cut the compensation of CEO Tim Cook by 40 percent over the course of the year, making it decrease from 99.4 million U.S. dollars to 49 million. Cook's pay package skyrocketed to 98.7 million dollars in 2021 – over 1,400 times that of an average Apple employee – in a move that attracted criticism from investors and shareholders alike. This marked a 567 percent surge from Cook's 2020 profit of 14.8 million and turned the Apple chief the fourth highest-paid CEO in the United States.
Compensation curtailed, salary stays the same
The drop in Cook's paycheck stems from an adjustment in the CEO's stock award, which will grant him an estimated 40 million dollars in 2023, down from the previous year's value of roughly 83 million. Cook's annual base salary is set to remain unchanged at three million, in addition to a bonus of up to six million. According to Apple, Cook himself recommended the cut after a shareholder vote on his pay package.
Annual compensation of Apple CEO Tim Cook in the United States from 2020 to 2023
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Forbes. (January 12, 2023). Annual compensation of Apple CEO Tim Cook in the United States from 2020 to 2023 [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/1359296/apple-ceo-tim-cook-annual-compensation/
Forbes. "Annual compensation of Apple CEO Tim Cook in the United States from 2020 to 2023." Chart. January 12, 2023. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/1359296/apple-ceo-tim-cook-annual-compensation/
Forbes. (2023). Annual compensation of Apple CEO Tim Cook in the United States from 2020 to 2023. Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/1359296/apple-ceo-tim-cook-annual-compensation/
Forbes. "Annual Compensation of Apple Ceo Tim Cook in The United States from 2020 to 2023." Statista, Statista Inc., 12 Jan 2023, https://www.statista.com/statistics/1359296/apple-ceo-tim-cook-annual-compensation/
Forbes, Annual compensation of Apple CEO Tim Cook in the United States from 2020 to 2023 Statista, https://www.statista.com/statistics/1359296/apple-ceo-tim-cook-annual-compensation/ (last visited November 21, 2024)
Annual compensation of Apple CEO Tim Cook in the United States from 2020 to 2023 [Graph], Forbes, January 12, 2023. [Online]. Available: https://www.statista.com/statistics/1359296/apple-ceo-tim-cook-annual-compensation/