Apple Inc. is reducing Chief Executive Officer Tim Cook’s pay by over 50% to $49 million (about 400 crores) in 2023. The company cites investor guidance and Cook’s own request to lower Cook’s remuneration. In 2022, the 62-year-old had been compensated with $99.4 million. This consisted of a bonus, nearly $83 million in stock grants, and a base salary of $3 million. Cook received a pay package of $98.7 million in 2022, which is 1,447 times the typical Apple employee income. This was a little increase over his compensation in 2021.
Additionally, Apple stated that the decision to change Cook’s pay was made following “balanced shareholder feedback, Apple’s extraordinary performance, and a recommendation from Cook” in the filing.
In addition, Apple stated that it intends to “place Cook’s yearly target compensation between the 80th and 90th percentiles compared to our key comparable group for future years.” Cook took over as Apple’s CEO in 2011 and has steadily guided the business to success. The Apple board had also given him high marks for how he had handled the SEC filing.Annual shareholder votes on executive salary and wages are requested by Apple and other corporations. Cook is listed among the designated executives, along with other leaders including COO Jeff Williams. The decrease in pay for 2023 can be attributed to the fact that Cook’s salary was not approved by a sizable majority of Apple shareholders. In particular, 64% of shareholders voted in support of Cook’s 2022 compensation. Even while it is a majority, the percentage is not nearly as great as in the past.
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