Apple CEO Tim Cook will get a compensation cut of more than 40%.
Based on comments from shareholders, the company’s performance, and Cook’s own advice, the choice was chosen.
The CEO’s projected total pay for 2023 is US$49 million, which includes US$40 million in equity awards, US$6 million in cash incentives, and US$3 million in salary.
Tim Cook, the CEO of Apple, will get a pay drop of more than 40% from last year to this year as the business changes how it determines Cook’s remuneration, in part as a result of Cook’s own proposal.
Cook’s planned total remuneration, which includes a US$3 million salary, a US$6 million cash incentive, and US$40 million in equity awards, is US$49 million for 2023, according to Apple Inc. in a regulatory filing late on Thursday.
In an advisory shareholder vote on CEO pay held in March of last year, the Cupertino, California-based company received 6.21 billion votes in favor of the package and 3.44 billion votes against it. Abstentions and broker non-votes were also present.
iPhone 14 delays are anticipated following days of violent protests at the Foxconn factory in Zhengzhou.
02:23
iPhone 14 delays are anticipated following days of violent protests at the Foxconn factory in Zhengzhou.
iPhone 14 delays are anticipated following days of violent protests at the Foxconn factory in Zhengzhou.
Apple claimed that its compensation committee considered feedback from shareholders, the company’s performance, and a suggestion from Cook, who was elevated to CEO in 2011 and recommended that his remuneration be adjusted in light of the criticism received.
Advertisement
When Apple asked shareholders for opinion about compensation last year, it claimed to have gotten “overwhelming support for Mr. Cook’s remarkable leadership and the unprecedented value he has delivered for shareholders.”
The magnitude and form of the 2021 and 2022 equity awards given to Mr. Cook were noted by the majority of the shareholders who did not support our 2022 Say on Pay proposal, according to the business.
Apple will begin incorporating touch displays into Macs on January 13, 2023.
Cook has been paid a base salary of US$3 million each year for the previous three years, but his overall remuneration, which also includes restricted awards, increased from US$14.8 million in 2020 to US$98.7 million in 2021 and US$99.4 million in 2022.
Cook approved of the adjustments to his pay, according to Apple.
In future years, the business intends to place Cook’s annual target compensation between the 80th and 90th percentiles in relation to its main peer group, according to the filing.
