Apple CEO Tim Cook takes $35 million pay cut in 2023
Apple released its proxy filing at the 2023 annual meeting of shareholders and the 113-page report reveals that CEO Tim Cook is taking a pay cut in 2023. This amounts to $35 million – the executive will earn $49 million, up from $84 million last year. year.
His base salary of $3 million and annual cash incentive of $6 million remain unchanged, with the big difference coming from an adjustment in the value of his stock award. The other four senior Cupertino executives did not receive a pay cut or incentives.
Tim Cook at the launch of the iPhone 14 series. Image source: Twitter
Tim Cook’s equity value for 2022 was $75 million, while this calendar year it will be $40 million. However, he could still earn more than the expected amount, depending on Apple’s stock price.
The pay cut was suggested by Cook himself “in light of feedback received”.
The company is still expected to release a long-rumored mixed-reality headset, and the Project Titan car is still wishful thinking more than anything. Cupertino is not letting go of any employees at the moment, unlike competitors Meta, Twitter and Amazon, which have announced layoffs.
spring | Via