Apple Inc. has disclosed in its annual proxy statement that its top lawyer, Katherine “Kate” Adams, received a total pay package of more than $26.9 million in the last fiscal year. The significant portion of this compensation derives from roughly $22.3 million in stock awards. The proxy statement also revealed that Adams was paid $1 million in base salary and nearly $3.6 million in non-equity incentive plan compensation in 2023.
The pay package Adams received last year is almost identical to the $26.9 million that she earned in 2021 and slightly less than the $27.1 million she received for 2022. Adams, previously a Sidley Austin partner and chief lawyer at Honeywell International Inc., was hired by Apple in 2017 to succeed D. Bruce Sewell as its top lawyer and corporate secretary.
Since her appointment at the technology giant, Adams has continually ranked as one of the highest-paid corporate law leaders. The remuneration of legal chiefs typically comprise a blend of cash compensation and incentive-based stock awards. According to Bloomberg data, Adams currently owns about $54.6 million in Apple stock. Over the past year, she has sold more than $46.5 million in company shares, as revealed by securities filings.
As Apple’s top lawyer, Adams oversees a wide range of legal matters at the company, including corporate governance, compliance, litigation, intellectual property, global security, and privacy. Full details here.