Apple’s Tim Cook Might Earn $50 Million This Year

Tim Cook Credit: Apple
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Today, during Apple’s annual shareholders meeting, the virtually assembled gave the okay to a compensation package for company CEO Tim Cook that could add up to as much as $50 million during 2023, provided Apple meets all of its financial goals.

Bloomberg reports that CEO Cook will receive a $3 million base salary, as well as a $6 million cash bonus, and stock awards worth close to $40 million. Cook is actually taking a 40% hit in his compensation package, as he made $99 million in 2022. (Cook’s financial compensation is closely tied to overall company performance. The drop in compensation is due to shareholders being upset about his salary package.

Shareholders also approved a proposal that will see the executives’ salaries being decided with an annual vote. Apple shares rose about 15% this year, easily outperforming the S&P 500 Index.

Apple executives will earn an average of approximately $27 million each in 2023. Chief operating officer Jeff Williams, retail head Deirdre O’Brien, software head Craig Federighi, general counsel Katherine Adams, chief financial officer Luca Maestri, services chief Eddy Cue, and others are all affected.

Shareholders rejected several measures, all of which Apple had asked them to reject. Among the rejected measures were a call for Apple to report annually on its reliance on China, a civil rights audit of Apple’s diversity efforts, and to require Apple to report on pay gaps at the company.

There were nine proposals voted on, four from Apple and five from outside investors. While shareholders have generally followed the company’s advice on proposals, we’ve seen shareholders rebel on some proposals. For example, last year saw shareholders vote in favor of a public report on using concealment clauses in employee contracts.

Shareholders re-elected all of Apple’s board – including Cook, Chairman Arthur Levinson, former US Vice President Al Gore, and BlackRock Inc. co-founder Susan Wagner – despite one Apple shareholder’s call to remove both Gore and Cook.

The iPhone maker’s annual meeting was held virtually, as it has since the COVID-19 pandemic. Cook made introductory remarks during the virtual meeting and also handled questions. The formal portion of the meeting, as well as the voting process, was handled by company general counsel Kate Adams.

During the meeting, Apple executives were represented by memojis. Shareholder proposals were delivered via prerecorded messages.

In the minutes leading up to the meeting, Apple showed videos about its devices, Including its AirPods Pro and Apple Watch Ultra, as well as a commercial for its recently unveiled yellow iPhone 14.

Cook also discussed how Apple has adapted to the long-term effects of the pandemic, the Russian/Ukraine war, and the current economic upheaval. Cook also mentioned the company’s most recent products, recent content on the Apple TV+ streaming service, and also discussed other apple services, like Apple Pay, Fitness+, and Apple Music.

Cook discussed the company’s growth in Brazil, Indonesia, and Mexico, while also saying he sees an “incredible amount of opportunity” in India. He discussed Apple’s impending plans to open the first Apple Store in India. Apple is breaking India out into its own sales region, emphasizing the country’s importance to the firm’s financial future.

We see incredible amount of opportunity in India.

Tim Cook

Cook said that the economy is as “complex” as it’s ever been and that the company is keeping a close eye on hiring and spending, while also working on streamlining its supply chain.

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