Billionaire Apple CEO Tim Cook Just Took a 40% Pay Cut Amid Shareholder Backlash — Here’s What His Compensation Will Look Like This Year
In 2022, Cook made just shy of $83 million in stock awards, $12 million in incentives and a $3 million salary, in addition to other extensive benefits.
Apple CEO Tim Cook saw a compensation package last year that most never will: $99.4 million.
But the billionaire has agreed to a pay cut this year following shareholder feedback, reported.
Given the rocky state of tech and Apple’s own plunging shares, the tech giant is reducing Cook’s target pay package to $49 million — 40% lower than it was in 2022, per the outlet.
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In 2022, Cook made just shy of $83 million in stock awards, $12 million in incentives and a $3 million salary, along with benefits including retirement plan contributions, security, personal air travel, and more than $46,000 in vacation cash-out, according to .
“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,” Apple said in its annual proxy statement released Thursday.
Cook’s base salary will remain at $3 million in 2023, the company said, and the CEO will also receive a $6 million bonus.
Related:
Apple Inc is down nearly 40% year over year.
Apple CEO Tim Cook saw a compensation package last year that most never will: $99.4 million.
But the billionaire has agreed to a pay cut this year following shareholder feedback, reported.
Given the rocky state of tech and Apple’s own plunging shares, the tech giant is reducing Cook’s target pay package to $49 million — 40% lower than it was in 2022, per the outlet.
Related:
In 2022, Cook made just shy of $83 million in stock awards, $12 million in incentives and a $3 million salary, along with benefits including retirement plan contributions, security, personal air travel, and more than $46,000 in vacation cash-out, according to .
“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,” Apple said in its annual proxy statement released Thursday.
Cook’s base salary will remain at $3 million in 2023, the company said, and the CEO will also receive a $6 million bonus.
Related:
Apple Inc is down nearly 40% year over year.
