Apple CEO Tim Cook, who is sitting on a personal fortune in excess of $1 billion, is expected to have his pay cut by almost 50% this year to about $49m (£40m) after he asked the company to “adjust his compensation” in the light of negative feedback from shareholders disappointed at the fall in the company’s share price.
Rupert Neate for The Guardian:
Cook, 62, who became CEO after the co-founder Steve Jobs stepped down before his death in 2011, was paid $99.4m in 2022 and $98.8m in 2021. But the company said in a regulatory filing late on Thursday night that it had set a “target compensation” of $49m for 2023.
“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 the filing.
See also: Tim Cook firmly latched Apple onto China’s CCP teat. What’s his plan for weaning it off? – November 2, 2022
Cook’s annual base salary and bonus will remain unchanged at $3m and $6m respectively. But the “targeted” amount he will be given in share-based bonuses will fall from $75m last year to $40m this coming year.
The amount given in share bonuses will also be more dependent on Apple’s share price performance than it was last year. Now 75% of the share bonus is dependent on Apple’s stock market performance, up from 50% last year.
Apple’s shares have fallen by 23% over the past 12 months to $133.41 at the close on Thursday, raising concerns among some shareholders.
MacDailyNews Take: How will Cook ever survive for 365 days on just $49 million plus bonuses?!
See also: Apple’s CEO Steve Jobs took $1 salary again in 2010 – January 7, 2011
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He’s really taking it up the . . . He’s really no Steve Jobs, who worked for nothing but improving his own Apple shares value.
… and mine, and yours, and everyone else’s.
Getting tired of hearing how awful Tim Cook is.
Steve Jobs and Apple would not have have seen the success they have seen without Tim Cook. It’s one thing to make memorable product announcements, it’s another to deliver 100m units of the product every quarter.
Steve Jobs laid the groundwork, but Tim Cook delivered the goods.
Steve said, “Real artists ship!”
So…..
Cook is not an artist.
So…..
NO! Steve laid the invention of insanely great products any CEO on Earth would die for. Finding manufacturers and buyers, this sh*t sells itself!
COOK MUST GO!…
There is No “Son of Jobs” waiting in the pipeline. Cook is of immeasurable value to Apple- I am not impressed by anyone else out there in tech land.
I am not impressed with bean counter Cook. ZERO CREATIVITY! Any CEO on Earth handed the greatest tech invention of all time could sell it successfully. Get a grip!…
We may disagree politically on some things GeoB but on this I couldn’t agree with you more. Tim Cook is nothing more than a bean-counter coasting on Jobs’ legacy.
A blindfolded chimp could what Cook has done
Nobody cares what you think. That you aren’t “impressed” is completely inconsequential. Drooling Cook knob slobbers like you can rot.
Cook is an abject disaster for Apple. Only Cook knob slobbers think otherwise. Steve jobs’ greatest failure was hiring Tim Cook.
Yes, Steve’s biggest mistake…
Where were all the whiners when the stock was climbing and splitting all the years that Cook has been at the helm? He outpaced the Jobs era by nearly triple: that is not to say that he is another Steve Jobs. He is not. There ISN’T another Steve Jobs out there. Stock holders these days want a guaranteed return and that isn’t now, nor has it ever been the way things work. It is a gamble, some times you win, some times you lose. Companies are beholding to the stockholders now at the expense of their employees. THAT is why we have labor issues across the industries.