Apple CEO Tim Cook agrees to more than 40% pay cut

Cook has received a base salary of $3 million over the past three years, but his total Apple executive compensation was $99.4 million in 2022.

CUPERTINO, Calif. — Apple CEO Tim Cook will take a pay cut of more than 40% this year compared to last year as the company adjusts how his compensation is calculated based in part on a recommendation from Cook himself.

Apple Inc. said in a regulatory report filed late Thursday that Cooke’s target total compensation is $49 million in 2023, including a $3 million salary, a $6 million cash award and a $40 million stock award .

Last March, the Cupertino, California-based company held a shareholder advisory vote on executive compensation, with 6.21 billion shares voting in favor of the executive compensation package and 3.44 billion against. There were also abstentions and brokers who did not vote.

Apple said its compensation committee took into account shareholder feedback, the company’s performance and a recommendation from Cook, who was named CEO in 2011, to adjust his compensation in light of the feedback received.

Last year, Apple said it had requested shareholder feedback for compensation and received “overwhelming support for Mr. Cook’s exceptional leadership and unparalleled value for shareholders… Those shareholders we spoke to did not support our 2022 Say on Pay program.” The proposal consistently cited the size and structure of the 2021 and 2022 share awards granted to Mr. Cook as the main reason for their voting decision,” the company said in a statement.

Cooke has received a base salary of $3 million over the past three years, but his total compensation, including limited bonuses, has jumped from $14.8 million in 2020 to $98.7 million in 2021 and $99.4 million in 2022. year.

Apple said that Cook supported the changes to his compensation.

According to the statement, the company plans to position Cook’s annual compensation target between the 80th and 90th percentiles of its main competitor group for future years.

The company will hold its annual meeting on March 10.

In the middle of trading, Apple shares fell to $133. Shares are down about 23% last year.

Content Source

News Press Ohio – Latest News:
Columbus Local News || Cleveland Local News || Ohio State News || National News || Money and Economy News || Entertainment News || Tech News || Environment News

Related Articles

Back to top button