In proxy filing with the US Securities Exchange Commission, the company revealed that the 63-year-old earned Rs 300 crore less than what he got in 2022. Apple stated Tim Cook earned USD 63.21 million as compensation in 2023.
Have you ever considered Tim Cook's compensation as Apple's CEO? Given the immense responsibility he has, it’s a fair question. Cook is in the exclusive group of CEOs because he has played a significant role in directing the company's operations after Steve Jobs.
Tim Cook received a substantial compensation package for the fiscal year 2023 totaling $63.2 million, or almost Rs 523 crore. That’s a lot of money, but it’s really less than what he made in 2022.
Why? Yes, it was deliberate. Following a suggestion from Apple's compensation committee, Cook asked for a 40% decrease in his overall remuneration.
According to a report by The Hollywood Reporter via AppleInsider, Apple’s recent filing with the Securities and Exchange Commission (SEC) revealed that Tim Cook earned a base salary of $3 million, stock awards of $47 million, non-equity incentive compensation of $10.7 million, and other compensation of $2.5 million.
By contrast, Cook's earnings for the fiscal year 2022 amounted to $99.4 million even if his basic pay stayed at $3 million. The $1.3 million in other remuneration, the $12 million in non-equity incentive payments, and the $83 million in stock awards are the reasons for the pay discrepancy.
If you're wondering how much other CEOs make—such as Satya Nadella of Microsoft—the figures are very comparable. In 2023, Nadella earned $48.5 million, as reported by The Register. However, CEO salaries vary widely. For example, Google CEO Sundar Pichai got a stunning $226 million in 2022, while Shantanu Narayen, Chairman and CEO, Adobe made $31 million in 2022.