Apple CEO Tim Cook cuts his OWN salary by 40% – to $49 million

Apple CEO Tim Cook cuts his OWN salary by 40% – to $49 million

  • Apple CEO Tim Cook will take a pay cut of more than 40% year over year this year as the company adjusts how it calculates its compensation
  • Apple Inc. said in a regulatory filing late Thursday that Cook’s total compensation target for 2023 is $49 million
  • Apple said its compensation committee considered shareholder feedback, the company’s performance and a recommendation from Cook

Apple CEO Tim Cook will take a pay cut of more than 40% year over year this year as the company adjusts how its compensation is calculated based in part on a recommendation from Cook himself.

Apple Inc. said in a regulatory filing filed late Thursday that Cook’s total compensation target for 2023 is $49 million, with a salary of $3 million, a $6 million cash incentive, and $40 million stock awards.

Last March, the Cupertino, California-based company held an advisory shareholder vote on executive compensation, in which 6.21 billion shares voted in favor of the executive pay package and 3.44 billion against. There were also abstentions and broker no votes.

Apple said its compensation committee considered feedback from shareholders, the company’s performance and a recommendation from Cook, who was promoted to CEO in 2011, to adjust his compensation in light of the feedback received.

Apple CEO Tim Cook will take a pay cut of more than 40% year over year this year as the company adjusts how its compensation is calculated based in part on a recommendation from Cook himself

Apple CEO Tim Cook will take a pay cut of more than 40% year over year this year as the company adjusts how its compensation is calculated based in part on a recommendation from Cook himself

Apple said last year it had sought feedback from shareholders on compensation and received “overwhelming support for Mr. Cook’s exceptional leadership and the unparalleled value he has delivered to shareholders. The proposal consistently identified the size and structure of the stock awards granted to Mr. Cook.” for 2021 and 2022 as the primary reason behind their voting decision,” the company said.

Cook has earned a base salary of $3 million over the past three years, but his total compensation — including capped bonuses — has increased from $14.8 million in 2020 to $98.7 million in 2021 and $99.4 million in 2022.

Apple said Cook supports the changes to its compensation.

The company plans to position Cook’s target annual compensation for the coming years between the 80th and 90th percentile relative to its primary peer group, according to the filing.

The company will hold its annual general meeting on October 10th.

Apple shares fell to $133 in midday trading. The stock is down about 23% over the past year.

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Emma Colton

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