r/technology • u/geoxol • Jan 13 '23 • Bravo! 1 Helpful (Pro) 1

Apple CEO Tim Cook to take more than 40% pay cut Business

https://apnews.com/article/technology-apple-inc-tim-cook-business-d056553b10120c4a968b562cb7ece5d2
39.1k Upvotes

81% Upvoted

3.9k comments sorted by

View all comments

Show parent comments

28

u/oboshoe Jan 13 '23

That would be nice for Apple employees.

They are doing well though. Median comp is $143,000 a year at Apple.

27

u/absentmindedjwc Jan 13 '23

They are doing well though. Median comp is $143,000 a year at Apple.

It is worth pointing out, as it seems to have confused people in another comment thread that mentioned this, that $143,000 is the median compensation for all Apple employees nationwide - corporate and retail.

A lot of people read this in that other chain and thought that Apple corporate employees averaged $143k, which is very much not a great salary in Cupertino California... the corporate employee median is likely quite a lot higher than $143k.

0

u/astrange Jan 13 '23

Salary isn't much above that (and might be less). The part above that comes from non-salary income like stock compensation.

(And nobody lives in Cupertino because it's so NIMBY there's no houses left.)

17

u/korben2600 Jan 13 '23

That's not median pay. That's mean. So including the multi-million dollar salaries of the executives. The average pay for the "Client Advisor" title is $31,115.

Apple's median pay in 2018 was just $55,426.

8

u/oboshoe Jan 13 '23

Yea I suppose if you include all the retail workers in, that does cut it down tremendously.

Nobody at Apple corporate makes less than $100k though and most are closer to $200k.

I don't feel like doing the math at Apple, but I've done it for other Fortune fifty companies. Usually if you eliminate the executive pay from the average or median, the number doesn't change significantly. While a single executive might earn as much as 200 employees, in a company with 40,000 employees their pay impact is quite diluted on the average and mean figures.

FWIW, if you took Tim Cooks entire comp package ($49m) and distributed it amongst the 40,000 employees, the employees would earn $1225 more a year.

3

u/kbotc Jan 13 '23

Total comp for Apple's been insane the past couple of years. They recently gave off cycle RSU grants between $50k and $180k.

​

But this reduction in Cook's payment was agreed on a bit ago: https://www.marketwatch.com/story/apple-ceo-tim-cooks-compensation-rises-to-nearly-100-million-thanks-to-new-stock-award-11641508170

​

They call them performance stock units.

2

u/AstroPhysician Jan 13 '23

Nobody at Apple corporate makes less than $100k though and most are closer to $200k.

No, they're wayyyy above that

-1

u/AstroPhysician Jan 13 '23

That seems shockingly low. Your average comp for any FAANG company entry level in software is 250k, most make 350k+

0

u/astrange Jan 13 '23

I think you're accounting for multi-year RSU grants all in the same year.

1

u/AstroPhysician Jan 13 '23

Look for yourself

https://www.levels.fyi/

1

u/astrange Jan 13 '23

Those numbers are correctish but include a hiring bonus/initial cliff so if you stay too long it'll fall.

It's only one way to look at it though, if you looked at W2 wages it'd actually be higher because of how employer health insurance works.

1

u/AstroPhysician Jan 14 '23

The hiring bonus is only like ~$10k, not enough to actually affect the estimates which im giving (250k, 350k)

I almost got a job at twitter last year which was mid $300s and it wasn't in California