Apple todayreleased its yearly proxy declarationfor financiers, exposing a variety of information about executive payment, investor propositions, and more. Especially, the filing consists of information on payment for Apple executives, consisting of Apple CEO Tim Cook.
Apple likewise exposed that its yearly investor conference is set for February 28 which modifications are coming to its board of directors.
Tim Cook’s overall payment for 2023
In 2022, Cook’s target payment was $84 million, and he can be found in above that at $99.4 million. For 2023, Cook’s target payment was $49 million, a reduction of 40% compared to the 2022 target.
In truth, today’s proxy filing exposes that Cook’s overall settlement for 2023 was available in well above that target.
Apple states that Cook made $63,209,845 throughout 2023, that’s approximately 28% greater than the at first prepared $49 million settlement. It’s still down around 36% compared to what he made in 2022.
- Wage: $3,000,000
- Stock Awards: $46,970,283
- Non-Equity Incentive Plan Compensation: $10,713,450
- All Other Compensation: $2,526,112
Apple states that the 2023 yearly overall settlement of its average compensated staff member was $94,118. That relates to a pay ratio of 672 to 1 in between Cook and the average Apple employee:
The 2023 yearly overall settlement of our CEO was $63,209,845, the 2023 yearly overall settlement of our typical compensated staff member was $94,118, and the ratio of these quantities is 672 to 1. Therefore, this pay ratio shows a sensible price quote constant with SEC guidelines based upon the approach we explained above.
Here are information on Apple’s settlement for its other called executives:
- Luca Maestri, CFO: $26,935,883
- Kate Adams, General Counsel and Secretary: $26,941,705
- Deirdre O’Brien, Senior Vice President of Retail: $26,937,010
- Jeff Williams, COO: $26,961,226
Tim Cook’s personal jet
Apple’s board of directors executed a policy in 2017 that needs Cook to utilize a personal jet for all of his organization and individual travel for “security and effectiveness factors.” Because that policy as carried out, individuals like to understand just how much Apple invests in Cook’s usage of a personal jet and security expenses.
For 2023, Apple states it invested $1,621,468 in individual flight expenditures for Cook. That’s more than double what was invested in 2022.
Apple invested $820,309 on individual security for Cook, “which represents the incremental expense to Apple for individual security services supplied to Mr. Cook as identified by assigning both direct expenses and a portion of repaired expenses sustained by Apple and utilized to supply such individual security services.”
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