Home Apple Apple CEO Tim Prepare dinner’s complete pay drops to $63 million for 2023

Apple CEO Tim Prepare dinner’s complete pay drops to $63 million for 2023

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Apple CEO Tim Prepare dinner’s complete pay drops to $63 million for 2023

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Apple as we speak printed its annual proxy assertion for traders, revealing a lot of particulars about government compensation, shareholder proposals, and extra. Notably, the submitting consists of particulars on compensation for Apple executives, together with Apple CEO Tim Prepare dinner.

Apple additionally revealed that its annual shareholder assembly is set for February 28 and that modifications are coming to its board of administrators.

Tim Prepare dinner’s complete compensation for 2023

In 2022, Prepare dinner’s goal compensation was $84 million, and he got here in above that at $99.4 million. For 2023, Prepare dinner’s goal compensation was $49 million, a lower of 40% in comparison with the 2022 goal.

In actuality, as we speak’s proxy submitting reveals that Prepare dinner’s complete compensation for 2023 got here in properly above that focus on.

Apple says that Prepare dinner earned $63,209,845 throughout 2023, that’s roughly 28% greater than the initially deliberate $49 million compensation. It’s nonetheless down round 36% in comparison with what he earned in 2022, although.

  • Wage: $3,000,000
  • Inventory Awards: $46,970,283
  • Non-Fairness Incentive Plan Compensation: $10,713,450
  • All Different Compensation: $2,526,112

Apple says that the 2023 annual complete compensation of its median compensated worker was $94,118. That equates to a pay ratio of 672 to 1 between Prepare dinner and the median Apple employee:

The 2023 annual complete compensation of our CEO was $63,209,845, the 2023 annual complete compensation of our median compensated worker was $94,118, and the ratio of those quantities is 672 to 1. Thus, this pay ratio displays an inexpensive estimate per SEC guidelines based mostly on the methodology we described above.

Listed here are particulars on Apple’s compensation for its different named executives:

  • Luca Maestri, CFO: $26,935,883
  • Kate Adams, Common Counsel and Secretary: $26,941,705
  • Deirdre O’Brien, Senior Vice President of Retail: $26,937,010
  • Jeff Williams, COO: $26,961,226

Tim Prepare dinner’s personal jet

Apple’s board of administrators applied a coverage in 2017 that requires Prepare dinner to make use of a non-public jet for all of his enterprise and private journey for “safety and effectivity causes.” Since that coverage as applied, folks like to know the way a lot Apple spends on Prepare dinner’s use of a non-public jet and safety prices.

For 2023, Apple says it spent $1,621,468 in private air journey bills for Prepare dinner. That’s greater than double what was spent in 2022.

Apple spent $820,309 on private safety for Prepare dinner, “which represents the incremental price to Apple for private safety companies offered to Mr. Prepare dinner as decided by allocating each direct prices and a share of mounted prices incurred by Apple and used to supply such private safety companies.”

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