Apple CEO Tim Cook is taking a 40% pay cut

Apple CEO Tim Cook is taking a 40% pay cut

Usually we are used to hearing about astronomical salary increases and salary increases for the executives of large companies during times of economic hardship and job cuts, but it seems that Tim Cook is going against this trend. The CEO of Apple in 2023 will receive about 40% less than last year, and this decision is partly based on Tim Cook’s own advice. Of course, this 40% cut in Cook’s salary does not mean austerity for him, because Cook will still probably earn more than $49 million this year.

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Tim Cook limits rewards

Tim Cook’s pay cut comes after a “Sy-on-Pay” vote at Apple’s 2022 annual shareholder meeting. Only 64% of the executive compensation votes were in favor of maintaining executive pay packages in 2021. This was a sharp drop compared to the 94.9 percent of favorable votes recorded last year. Despite the majority shareholder vote in favor, Apple took into account the reduced Say-on-Pay support when calculating Cook’s bonus for 2023. Also, the recommendation of the CEO of the company “To adjust the reward according to the feedback received“considered

Cook’s target bonus in 2023 is $49 million, down $35 million from last year. His $3 million base salary and $6 million bonus remain unchanged, but his stock value drops from $75 million to $40 million. Additionally, his stock award is 75% performance and 25% time-based vesting, compared to a 50/50 split last year.

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No wonder he’s always smiling

Bloomberg writes Cook made $99.4 million last year, which is $15.4 million more than his target salary for 2022, so he’ll likely finish next year with more than $49 million. Cook became a billionaire in 2020 and his net worth is now estimated at $1.7 billion. This is good news for those who will benefit from his joining the Giving Pledge in 2015, as he now pledges to give a large portion of his wealth to charitable causes. Spend humanitarianly.

9to5Mac reports In addition to the bonuses, Apple spent $591,196 on Cook’s security expenses last year, which includes his personal security services. It also spent $767,319 on air travel expenses, including hourly fees for using a private plane (Apple uses it for security and efficiency reasons), fuel costs, departure fees and landing fees.

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