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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