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Wondering why Tim Cook earned less in 2023? Here's the answer

Tim Cook intentionally earned less in 2023, taking a 40 per cent pay cut as a strategic move, and here is the reason behind it.

Written By: Vishal Upadhyay New Delhi Published on: January 13, 2024 18:39 IST
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Image Source : FILE Apple's CEO Tim Cook

Have you ever wondered about Tim Cook's paycheck as Apple's CEO? Well, for the fiscal year 2023, Cook earned a substantial $63.2 million, but surprisingly, it's less than what he made in 2022. Why the reduction? It turns out, that Cook intentionally requested a 40 per cent cut in his total compensation, following a recommendation from Apple’s compensation committee.

Breakdown of Tim Cook's Compensation

In the recent filing with the Securities and Exchange Commission (SEC), it was disclosed that Cook's compensation for 2023 included:

  • Base salary: $3 million
  • Stock awards: $47 million
  • Non-equity incentive compensation: $10.7 million
  • Other compensation: $2.5 million

Comparatively, in 2022, Cook's total compensation was $99.4 million, with the same $3 million base salary. The notable difference comes from stock awards, totalling $83 million, along with non-equity incentive compensation of $12 million and other compensation of $1.4 million.

Intentional Reduction and Context

The intentional reduction sheds light on Cook's commitment to fiscal responsibility and alignment with Apple's compensation policies. Despite earning less in 2023, Cook's influence and leadership at Apple remain strong, especially considering his pivotal role post-Steve Jobs.

How Does Cook's Compensation Compare?

In the realm of CEO compensations, figures are similar. Microsoft’s Satya Nadella, for instance, earned $48.5 million in 2023. However, compensation varies widely among CEOs. Google's Sundar Pichai, for instance, took home a staggering $226 million in 2022, while Shantanu Narayen, CEO of Adobe, earned $31 million in the same year.

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