“Once I built an Apple Watch, I made it run / Made it race against time / Once I built an Apple Watch, now it's done / Brother, can you spare a dime?” Could Apple CEO, Tim Cook, possibly be singing this slightly altered verse to himself, which is from the song “Brother, Can You Spare a Dime?” (a Broadway song written by lyricist Yip Harburg and composer Jay Gorney in the 1930s) in response to news that in 2023 he had a 36% pay cut?
Not likely. Although it's true that Tim Cook's annual compensation package dropped to $63.2 million, from $99.4 million during the 2022 fiscal year, according to the Hollywood Reporter, he's still doing pretty well. After all, he's reportedly worth almost $2 billion (or $1.9 billion, according to Business Insider).
And anyways, Cook seems to like pop and classic rock. Not Broadway songs.
How often do CEOs cut their pay, and does it benefit the company?
But there were other details on Cook and other Apple executive's compensation that became available today.
The Hollywood Reporter also noted that the cut in pay to $63.2 million, which was listed in Apple's regulatory filing with the Securities and Exchange Commission and in Apple's 2024 proxy statement for investors, followed "shareholder guidance and a 'recommendation' from the executive himself."
The Hollywood Reporter also listed additional details on Cook’s salary for both 2022 and 2023: In 2023, he had a base salary of $3 million, received another $47 million from stock awards, made $10.7 million from non-equity compensation, and received $2.5 million in other compensation. In 2022, he had the same base salary of $3 million, but his stock awards was roughly $83 million, plus he received $12 million in non-equity compensation and $1.4 million in other compensation.
Apple's 2024 proxy statement included two other interesting expenditures: For Tim Cook's personal security, Apple spent a little more than $800,000. It also spent just over $1.6 million on a private jet for Cook. “That’s more than double what was spent in 2022,” according to 9to5Mac.
For 2023, the 2024 proxy statement also listed compensation for four other Apple executives. In 2023, Luca Maestri (CFO), Kate Adams (general counsel and secretary), Deirdre O’Brien (senior vice president of retail), and Jeff Williams (COO) earned roughly the same compensation: $26.9 million.
