Apple CEO Tim Cook was paid a cool $99.4 million in 2022, but his 2023 pay will be more dependent how well the Apple shares perform relative to market peers.
Cook’s compensation for the fiscal 2022 year ended September was $99.4 million, slightly higher than the $98.7 million he received the previous year, the company said in securities filings.
For 2023, Cook’s compensation target was set at $49 million, more than 40% lower than his 2022 pay. Apple made the changes after 64% of shareholders approved Cook’s pay package at its annual meeting last year, down from 94.9% the previous year.
For fiscal 2022, Apple granted him $75 million in stock awards, half of which were based on how well Apple’s shares performed. For fiscal 2023, Cook’s stock award target was reduced to $40 million, with $30 million of the total depending on share performance. If Apple’s shares hit performance thresholds, the $30 million in performance awards could double to at least $60 million.
MacDailyNews Note: One year ago, Apple shares stood at $172.19. They are currently trading at $133.41 for an annualized return of -22.03%.
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Shareholders want him to take a pay cut for 2023 but that still isn’t going to satisfy them. It’s not as though that money Tim Cook isn’t taking is going to go into those shareholders pockets. Shareholders always want more money every year as if stock gains are guaranteed. The market goes up and the market goes down. I doubt any CEO has control over that fact.