“As soon as I constructed an Apple Watch, I made it run / Made it race in opposition to time / As soon as I constructed an Apple Watch, now it is completed / Brother, are you able to spare a dime?” May Apple CEO, Tim Prepare dinner, probably be singing this barely altered verse to himself, which is from the music “Brother, Can You Spare a Dime?” (a Broadway music written by lyricist Yip Harburg and composer Jay Gorney within the Thirties) in response to information that in 2023 he had a 36% pay reduce?
Not going. Though it is true that Tim Prepare dinner’s annual compensation package deal dropped to $63.2 million, from $99.4 million throughout the 2022 fiscal yr, in keeping with the Hollywood Reporter, he is nonetheless doing fairly properly. In spite of everything, he is reportedly price virtually $2 billion (or $1.9 billion, in keeping with Enterprise Insider).
And in any case, Prepare dinner appears to love pop and basic rock. Not Broadway songs.
How usually do CEOs reduce their pay, and does it profit the corporate?
However there have been different particulars on Prepare dinner and different Apple government’s compensation that turned obtainable right this moment.
The Hollywood Reporter additionally famous that the reduce in pay to $63.2 million, which was listed in Apple’s regulatory submitting with the Securities and Change Fee and in Apple’s 2024 proxy assertion for traders, adopted “shareholder steerage and a ‘suggestion’ from the manager himself.”
The Hollywood Reporter additionally listed extra particulars on Prepare dinner’s wage for each 2022 and 2023: In 2023, he had a base wage of $3 million, acquired one other $47 million from inventory awards, made $10.7 million from non-equity compensation, and acquired $2.5 million in different compensation. In 2022, he had the identical base wage of $3 million, however his inventory awards was roughly $83 million, plus he acquired $12 million in non-equity compensation and $1.4 million in different compensation.
Apple’s 2024 proxy assertion included two different fascinating expenditures: For Tim Prepare dinner’s private safety, Apple spent a bit of greater than $800,000. It additionally spent simply over $1.6 million on a non-public jet for Prepare dinner. “That’s greater than double what was spent in 2022,” in keeping with 9to5Mac.
For 2023, the 2024 proxy assertion additionally listed compensation for 4 different Apple executives. In 2023, Luca Maestri (CFO), Kate Adams (basic counsel and secretary), Deirdre O’Brien (senior vp of retail), and Jeff Williams (COO) earned roughly the identical compensation: $26.9 million.
