Apple CEO Tim Cook’s Pay Falls to $49M

J. Clara Chan
·2 min read
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Apple CEO Tim Cook is set to receive a pay cut this year following shareholder guidance and a “recommendation” from the executive himself after his compensation rose to $99.4 million during the 2022 fiscal year, according to Securities and Exchange Commission filings.

For 2023, Cook’s target compensation will drop to $49 million, which is a more than 40 percent drop from the CEO’s 2022 target compensation. As a result, Cook’s performance-based stock awards will rise to 75 percent beginning this year and in future years, the regulatory filings said.

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During 2022, Cook maintained a $3 million base salary, while roughly $83 million came from stock awards, $12 million in non-equity compensation and $1.4 million in other compensation.

In 2021, Cook brought in a total of $98.7 million in pay, which was a 569 percent increase from the previous year. The majority of Cook’s compensation was attributed to $82.3 million in stock awards, followed by $12 million in non-equity compensation and $1.4 million in other compensation. The Apple CEO again had a base salary of $3 million during the year.

Apple TV+ staged somewhat of an awards coup in early 2022 when CODA won the best-picture Oscar, making Apple — and not Netflix or Amazon — the first streamer to win the coveted award.

On the consumer tech front, Apple released its latest iPhone model, the iPhone 14, and new MacBooks equipped with the M2 chip. The company’s Apple Services category, which includes Apple TV+ and Apple Music, experienced a slight slowdown in growth during 2022, and the company recently increased prices across the board for Apple TV+, Apple Music and the Apple One subscription bundle.

“We’re very focused on originals only, and so we had four or five shows or so in the beginning and priced it quite low,” Cook said of the Apple TV+ price increase during an earnings call Oct. 27. “We now have a lot more content and are coming out with more each and every month, and so we we increase the price to represent the value of the service.”

With 900 million paid subscriptions, the category brought in $19.2 billion in revenue during the fourth fiscal quarter.

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