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Apple CEO Tim Cook to have pay cut by over 40% this year

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Batori24 Bureau
Batori24 Bureau
Batori24 is a Vernacular based Assamese news portal based in Guwahati Assam. We are a dedicated news channel covering news and stories across the globe with special reference to Assam, north-east along with National and International news.

This year, Apple CEO Tim Cook’s annual salary will be reduced by more than 40%.

According to the technology giant, Mr Cook requested the cut in response to shareholder criticism.

The compensation committee at Apple awarded him a total “target compensation” of $49 million (£45.1 million) for 2023.

Last year, the iPhone maker’s stock plummeted due to supply chain issues and a global economic slowdown.

Apple stated in an SEC filing that Tim Cook’s revised salary will be USD 49 million in total going forward. This includes a USD 3 million base salary, a USD 6 million bonus, and a USD 40 million equity value. Furthermore, Cook’s percentage of stock units, which is linked to Apple’s performance, will increase from 50% to 75%.

 

Apple also stated that it intends to ‘position Cook’s annual target compensation between the 80th and 90th percentiles relative to our primary peer group in future years’. Cook was appointed CEO of Apple in 2011 and has consistently guided the company to success. His performance during the SEC filing was also lauded by the Apple board.

Also Read: TCS Q3 Result: Net Profit Grows 11% to Rs 10,846 cr; Revenue Jumps Over 19%

Tim Cook’s previous earnings:

Cook previously received a salary package of USD 99.4 million in 2022. This included the same USD 3 million base salaries as well as around USD 83 million in bonus and stock options. Tim Cook’s total compensation package in 2021 was estimated to be around USD 98.7 million.

Concerns about Tim Cook’s massive pay package had emerged by 2022. Apple shareholders had expressed “concern over the amount of Cook’s total target compensation due to the size of his 2021 and 2022 equity awards,” according to the SEC filing. A shareholder advisory group, Institutional Shareholder Services (ISS), expressed “significant concern” about the stock Cook was awarded in 2021.

Mr Cook’s compensation for 2022 was set at $84 million, but his actual total pay for the previous year was $99.4 million. This included $630,600 for personal security and $712,500 for the use of a private jet.

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