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Apple CEO Tim Cook Takes Steep Pay Cut, as Expected

January 11, 2024 at 05:30 pm EST

By Will Feuer

Apple Chief Executive was paid about $63.2 million in 2023, a more than 36% drop from 2022, after the company decided to rework its executive-compensation strategy following shareholder feedback and a request from Cook himself.

Apple said early last year that Cook had asked for his target compensation to be reduced to around $49 million.

Cook's base salary of $3 million has remained the same since at least 2021. His stock awards, though, dropped to just under $47 million in 2023, down from about $83 million in 2022 and $82 million in 2021, according to the company's proxy filing, published Thursday.

The company's other top officers, including Chief Financial Officer Luca Maestri and Chief Operating Officer Jeff Williams, saw their total compensation remain largely unchanged over the past three years.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

01-11-24 1730ET

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Tim Cook

Timothy D. Cook is, since the resignation of Steve Jobs August 24, 2011, the CEO of Apple Inc.

Tim Cook grew up in Alabama. His father worked in a shipyard and his mother was a housewife. Graduated in 1982 from Auburn University in Alabama in industrial engineering, he obtained his MBA in 1988 at Duke University in North Carolina, one of the most prestigious American universities.

Tim Cook has worked for 12 years at IBM, where he supervised the production and distribution in North America and Latin America. Then, he joined Compaq and became vice president in charge of the production, the procurement and the inventory management.

Steve Jobs poached himself Tim Cook at Compaq in 1997. Tim Cook joined Apple in March 1998, a year after the return of Steve Jobs at the helm. Under the authority of Steve Jobs, Tim Cook is responsible of the supply chain managing: sales, support, customer services. He works for all markets where the company is present.
Tim Cook puts in place a strategy: the company must reduce its products range and the number of distributors and resellers. Another strategy initiated by Tim Cook: subcontracting in Asia. Tim Cook is the man of the relocation in the company.

In 2000, Tim Cook became director of international sales, and in 2004 he took head of the Macintosh division, which is responsible of MacBook, MacBook Pro and iMac.
Since that day, Mac sales are constantly raising. Tim Cook knows how to sell. These excellent results allow him to evolve in the company. In 2007 Tim Cook became Chief Operating Officer of the company.

In 2004, when Steve Jobs was convalescing after a surgery against a pancreatic cancer, Tim Cook replaced him for two years. In 2009, Steve Jobs takes leave for a liver transplant; Tim Cook is CEO during several months. In January 2011, even if he is on the sick list, Steve Jobs is always CEO but Tim Cook is at the helm of the company daily.

Tim Cook is a brilliant man and very intelligent. Less impulsive than his predecessor, he can seem emotionally detached and implacable. This is a quiet man who does very few public appearances.

Tim Cook is on the Board of Directors of Nike, where he took lessons in marketing in contact with Phil Knight, the founder of Nike.

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