Apple Chief Executive Officer Tim Cook will take a more than 40 percent pay cut in 2023, a decision based on feedback from shareholders, the company announced in a regulatory filing on Thursday. Their new package will continue the “pay with performance” position, Apple said.
While Cook earned $99.4 million in 2022, he will receive $49 million in 2023.
The $49 million compensation includes a base salary of $3 million (same as 2022), a $6 million bonus through 2022, and a $40 million equity award.
Cook’s pays will change based on the performance of Apple’s stock.
There was some resentment among shareholders over the overly generous compensation. But in the end, more than 70 percent of people voted in favor of it.
One of the shareholders critical of Musk’s pay has moved a court in the US to cancel the package. The case is likely to drag on for months.
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Information Source: Moneycontrol