What you should know
- Apple‘s annual proxy statement reveals that CEO Tim Cook’s target compensation for 2023 was $49 million, a decrease of 40% from the previous year. However, Cook’s total compensation exceeded this target, reaching over $63 million.
- The statement also provides details on the compensation of other top Apple executives, including CFO Luca Maestri, General Counsel and Secretary Kate Adams, SVP of Retail Deirdre O’Brien, and COO Jeff Williams, all of whom earned around $26.9 million in 2023.
- Apple’s expenses for 2023 included over $1.6 million in personal air travel expenses for Tim Cook, more than double the amount spent in 2022. The company also spent over $820,000 on Cook’s personal security.
- Public companies like Apple are required to submit an annual proxy statement, or DEF 14A, to the SEC before their shareholder meeting. This document provides shareholders with important information for making informed decisions on matters such as director elections, executive compensation, and auditor ratification.
Full Story
Apple’s got a new XR headset on the horizon, the Vision Pro. As always, they’re committed to keeping their investors and enthusiasts in the loop.
Recently, they published their annual proxy statement. It’s a document that gives investors a peek into the inner workings of the company. Executive compensation, shareholder proposals – all that jazz.
One of the big reveals was about Tim Cook, Apple’s CEO. His target compensation for 2023 was set at $49 million. Now, if you’re keeping track, that’s a whopping 40% decrease from the previous year’s target of $84 million. Despite the cut, Cook managed to exceed his target, pulling in a cool $99.4 million in 2022.
But wait, there’s more! The latest proxy filing shows that Cook outdid himself again in 2023. He raked in a hefty $63,209,845, beating his target by about 28%. Even with this increase, his earnings for 2023 were still about 36% less than what he made in 2022.
Breaking down Cook’s 2023 compensation, we’ve got a salary of $3,000,000. Then there are stock awards worth $46,970,283, non-equity incentive plan compensation of $10,713,450, and additional compensation of $2,526,112.
And what about the average Joe at Apple? The company revealed that the median compensated employee in 2023 made $94,118. This means Cook’s pay was 672 times that of the average worker.
The statement also mentioned other top dogs at Apple. CFO Luca Maestri earned $26,935,883. General Counsel and Secretary Kate Adams pulled in $26,941,705. Senior VP of Retail Deirdre O’Brien made $26,937,010. And COO Jeff Williams bagged $26,961,226.
In other news, Cook’s air travel expenses for 2023 were $1,621,468. That’s more than double the previous year’s amount. Apple also shelled out $820,309 for Cook’s personal security.
Lastly, a bit of trivia. Public companies need to submit a DEF 14A, or an annual proxy statement, to the SEC before their shareholder meeting. It’s all about transparency and helping shareholders make informed decisions.
