Apple CEO Tim Cook’s compensation totaled $99.4 million in 2022, according to a proxy statement released by the company today. His compensation included a salary of $3 million, approximately $83 million in stock compensation, and $13.4 million in other forms of compensation. Cook’s total compensation in 2021 was $98.7 million.

Tim Cook MacBook Pro
Cook will take a significant pay cut in 2023, as reported by bloombergMark Gorman. Based on shareholder feedback and Cook’s recommendation to adjust his compensation in light of the comments, the filing indicates that his target compensation for 2023 will be $49 million, which is 40% more than his target compensation in 2022.

Despite the pay cut, Apple’s compensation committee said the company had “extraordinary performance” in 2022 under the leadership of Cook, who has served as CEO since 2011. The proxy statement notes that the percentage of performance-based RSUs awarded to Cook may Increased from 50% to 75% target equity award for 2023.

Ahead of Apple’s annual meeting of shareholders on March 10, Cook shared a letter to shareholders reflecting on the past year, with excerpts below:

The global challenges facing all of us today—from inflation, to war in Eastern Europe, to the lingering effects of the pandemic—make this a time for deliberate and measured action. But it is not the time to hold back from the future. We’ve always run Apple for the long term, and that means continuing to invest in innovation, in people, and in making the positive difference we can make in the world.

Today, we have the strongest suite of products and services we’ve ever had, and our technology has never appeared to our users in more ways. Our latest innovations are helping many of us harness our creativity, connect with loved ones, find entertainment and enjoyment, and live safer and healthier lives.

The full letter can be found on page six of the proxy statement linked above.

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