Apple CEO Tim Cook’s Pay To Decrease By Over 40%

Apple CEO Tim Cook's Pay To Decrease By Over 40%

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Apple CEO Tim Cook will see his salary increase by more than 40% this year.

Tech giant Mr Cook called for cuts after criticism from shareholders.

Apple's Compensation Committee was awarded a total of $49m (£45.1m) in "targeted compensation" in 2023.

Shares of the iPhone maker have tumbled over the past year amid supply chain problems and a global economic slowdown.

"The compensation committee's recommendation is to adjust the balanced view of the stock, Apple's exceptional performance and Mr. Cook's compensation in light of the feedback received," Apple said in a statement to the US financial regulator.

Promotion Mr. Cook's annual base salary remains unchanged at $3 million plus a guaranteed bonus of up to $6 million.

The biggest difference in the pay package is how you get your stake in the company.

In 2022, the company gave him $75 million in stock, half of which was based on Apple's performance on the stock market.

This year, the stock award target has been lowered to $40 million, three-quarters of which is based on stock performance.

Mr. Cook's target compensation for 2022 was $84 million, though his total pay last year was $99.4 million. This figure includes $630,600 for personal security and $712,500 for private jet use.

Last year, a well-known investor advisory group urged Apple shareholders to take action against Cook's payroll vote.

In a letter to investors, the Institutional Shareholder Services (ISS) said there were "serious concerns" about the "design and scope" of the package.

Mr. Cook's salary is 1,447 times that of an Apple employee, according to ISS.

Mister. Cook became Apple CEO in August 2011, just weeks before co-founder Steve Jobs' death.

Under Cook's leadership, Apple became the first company to hit $3 billion in shares before falling to $2.1 billion in a boom year for the tech industry.

Chinese factory closures due to COVID-19, supply chain delays, and slowing global economic growth have contributed to Apple's share price falling by more than 20% over the past year.

The personal fortune of a 62-year-old man, according to Forbes magazine, is about 1.7 billion dollars. Mr. Cook promised to give everything he could in his life.

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