Apple CEO Tim Cook’s 40% salary cut confirmed by shareholders: All the details – Times of India
Last year it was reported that Apple CEO Tim Cook would take a pay cut for the year 2023. Now, at its annual shareholder meeting, Apple has confirmed that Cook would indeed be taking a pay cut.
How much salary will Cook earn
In a proxy statement filed by Apple, it was revealed that Cook’s target compensation in 2023 would be $49 million in 2023. This is around 40% less than what the Apple CEO earned in 2022. “Mr Cook’s 2023 target total compensation is $49 million, a reduction of over 40% from his 2022 target total compensation. Taking into consideration Apple’s comparative size, scope, and performance, the Compensation Committee also intends to position Mr Cook’s annual target compensation between the 80th and 90th percentiles relative to our primary peer group for future years,” Apple said in the proxy statement filing.
It was noted that Cook had himself recommended the pay cut to the Compensation Committee at Apple. At the start of every fiscal year, it is the Compensation Committee which makes all the decisions related to compensation. “The results of the 2022 Say on Pay advisory vote led to broader shareholder engagement on executive compensation in 2022 of approximately 53% of institutional shares held. The Compensation Committee balanced shareholder feedback, Apple’s exceptional performance, and a recommendation from Mr Cook to adjust his compensation in light of the feedback received,” the company further said.
Cook had a target compensation of $84 million in 2022. For 2023, the $49 million compensation includes a base salary of $3 million and a $6 million annual cash incentive. Both these components remain unchanged from 2022. Apart from that Cook stands to get an equity award value of $40 million, which was $75 million in 2022.
How much salary will Cook earn
In a proxy statement filed by Apple, it was revealed that Cook’s target compensation in 2023 would be $49 million in 2023. This is around 40% less than what the Apple CEO earned in 2022. “Mr Cook’s 2023 target total compensation is $49 million, a reduction of over 40% from his 2022 target total compensation. Taking into consideration Apple’s comparative size, scope, and performance, the Compensation Committee also intends to position Mr Cook’s annual target compensation between the 80th and 90th percentiles relative to our primary peer group for future years,” Apple said in the proxy statement filing.
It was noted that Cook had himself recommended the pay cut to the Compensation Committee at Apple. At the start of every fiscal year, it is the Compensation Committee which makes all the decisions related to compensation. “The results of the 2022 Say on Pay advisory vote led to broader shareholder engagement on executive compensation in 2022 of approximately 53% of institutional shares held. The Compensation Committee balanced shareholder feedback, Apple’s exceptional performance, and a recommendation from Mr Cook to adjust his compensation in light of the feedback received,” the company further said.
Cook had a target compensation of $84 million in 2022. For 2023, the $49 million compensation includes a base salary of $3 million and a $6 million annual cash incentive. Both these components remain unchanged from 2022. Apart from that Cook stands to get an equity award value of $40 million, which was $75 million in 2022.
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