Apple CEO Tim Cook maintained a base salary of $3 million annually starting in 2016, with his total earnings reaching $63.2 million in 2023, a notable reduction from $99.4 million in the previous year. This comprehensive compensation package includes stock awards, performance-based bonuses, and other benefits.

Despite this consistent salary, the bulk of Cook’s income stems from substantial stock awards valued at $46.9 million and a non-equity incentive plan compensation amounting to $10.7 million, as detailed in Apple’s January proxy statement to the SEC. This structure underscores the performance-based nature of Cook’s remuneration at Apple.

Tim Cook’s Pay Cut and Apple’s Financial Performance in Detail

In 2023, Apple CEO Tim Cook received a total compensation of $63.2 million, despite requesting nearly a 40% reduction following advisory firm recommendations against his 2022 pay package. Cook’s compensation includes $2.5 million allocated for personal security and private jet travel, reflecting his high-profile role. Notably, his compensation is 672 times the median salary of an Apple employee, which stands at $94,118. This discrepancy largely results from the inclusion of many retail staff in the employee calculation.

Cook’s wealth, estimated by Forbes at around $2.1 billion, falls short of the $6 billion threshold needed for the Bloomberg Billionaires Index. Since becoming CEO in August 2011, Cook has seen various financial ups and downs at Apple.

The company recently reported its second-quarter earnings, posting $90.8 billion in revenue, slightly above Wall Street predictions but marking a 4% year-over-year decline. iPhone sales dropped by 10%, mirroring a similar decrease in wearables revenue. Moreover, Apple’s revenue in China dipped to $16.3 billion, down from $17.8 billion the previous year.

Despite these challenges, Apple announced a significant share buyback plan of $110 billion and increased its quarterly dividend by 4%. These moves spurred a nearly 6% rise in Apple’s pre-market shares, potentially offsetting the year’s earlier losses.

• Apple’s Q2 earnings slightly surpass expectations with $90.8 billion in revenue.
• Company announces massive $110 billion share buyback and a dividend increase.
• Upcoming events include Apple’s Worldwide Developers Conference and a potential new iPad Pro reveal.

Looking forward, Apple is gearing up for its annual Worldwide Developers Conference in June, expected to spotlight its generative AI initiatives. Additionally, a virtual event set for May 7 may introduce a new iPad Pro, according to a Bloomberg report from March.

While Apple did not respond to a request for comment from Business Insider, the company’s strategic financial decisions and forthcoming product launches remain central to its market position.