Apple CEO Tim Cook’s remuneration plummeted 36% in 2023 to $63.2 million, down from $99.4 million in 2022.
According to Apple’s financial report, the fall was mostly caused by a reduction in Cook’s stock award, which went from $82.9 million to $46.9 million. Cook’s basic pay and other benefits remained unchanged.
Despite the drop, Cook’s remuneration remains far greater than that of other senior executives at Apple. The three vice presidents, Luca Maestri, Kate Adams, Deirdre O’Brien, and COO Jeff Williams, each earned $27 million, which is consistent with past years. Their pay is likewise largely derived from stock awards.
In 2023, Apple’s sales was $383.3 billion, a little decrease from $394.3 billion the previous year. The company’s net income also decreased from $99.8 billion to $97 billion.
Cook succeeded Steve Jobs, the co-founder, as CEO in 2011. Under his leadership, Apple’s stock has soared by more than 1,000%. Cook became a billionaire in 2020.
