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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Clear out junk files and repair common Windows errorsFree Scan →Apple reported Tim Cook’s total compensation for 2023 as $63,209,845, or about $63.2 million. That is the amount in Apple’s proxy statement—not a claim that Cook received that sum in cash. The reported total was $36,210,252 lower than his 2022 total of $99,420,097.
What made up Cook’s 2023 reported compensation?
Apple’s 2024 proxy statement, filed January 11, 2024, reports the following components for Cook’s 2023 compensation:
| Component | 2023 amount |
|---|---|
| Salary | $3,000,000 |
| Stock awards | $46,970,283 |
| Non-equity incentive compensation | $10,713,450 |
| All other compensation | $2,526,112 |
| Total reported compensation | $63,209,845 |
The familiar “$63 million” headline rounds the exact total to the nearest million. Apple’s filing is the source for the precise figure: Apple’s 2024 proxy statement.
Why reported compensation is not the same as cash received
The total combines different kinds of compensation. Salary and non-equity incentive compensation reflect amounts earned or paid in the year, while the stock-award figure is an accounting value calculated at the grant date. It should not be read as cash Cook necessarily received, shares he necessarily sold, or the eventual value of those shares. Apple’s 2025 proxy repeats the historical total and explains this distinction in its compensation-table notes: Apple’s 2025 proxy statement.
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Why was the figure lower than in 2022?
Cook’s reported 2022 compensation was $99,420,097. The 2023 figure was therefore lower by $36,210,252, or about 36.4% when calculated from the two reported totals. A key change was in the target compensation Apple set for 2023: $49 million, down by more than 40% from the 2022 target.
Apple said its People and Compensation Committee considered shareholder feedback and a recommendation from Cook when adjusting his compensation. The 2023 target comprised a $3 million salary, a $6 million target cash-incentive opportunity, and $40 million in target equity. The $40 million target equity amount was lower than the $75 million target equity award for 2022. Target compensation is a planned compensation measure; it is distinct from the reported total, which reflects the year’s compensation-table accounting and earned-or-paid amounts.
The equity award mix also changed
For 2023, 75% of Cook’s target equity award was performance-based and 25% was time-based. In 2022, the mix was 50% performance-based and 50% time-based. The change affected the structure of the award as well as its target value.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What did shareholders say about Apple’s pay policy?
At Apple’s 2023 annual meeting, 89% of votes cast favored the advisory Say on Pay proposal. Apple’s committee described the result as a positive response to expanded shareholder engagement and changes in compensation structure. The vote was advisory; it did not bind Apple, its board, or the compensation committee.
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