Apple CEO Tim Cook will take a big pay cut

Apple CEO Tim Cook plans to take more than a 40% pay cut this year compared to last year as he adjusts how compensation is calculated, in part based on Cook’s own recommendations.

Apple Inc. said in a regulatory filing late Thursday that Cook’s 2023 target total compensation is $49 million, with $3 million in salary, $6 million in cash incentives, and $40 million in stock awards. said to be gold.

Last March, the Cupertino, Calif.-based company conducted a shareholder advisory vote on executive compensation, with 6.21 billion shares voting in favor of the executive compensation package and 3.44 billion voting against. There were also abstentions and broker down votes.

Apple said its compensation committee will consider shareholder feedback, company performance, and recommendations from Cook, who was promoted to CEO in 2011, and will adjust compensation in light of the feedback received.

Apple sought shareholder feedback on compensation last year and said it had “overwhelming support for Cook’s extraordinary leadership and the unprecedented value he provided to shareholders….we spoke.” Shareholders did not support Say on Pay for 2022.” ,” the company said.

Cook has received a base salary of $3 million over the past three years, but his total compensation (including select awards) will increase from $14.8 million in 2020 to $98.7 million in 2021 and $99.40 in 2022. jumped to millions.

Apple said Cook supported the compensation change.

The company plans to position Cook’s annual target compensation somewhere between the 80th and 90th percentile compared to major peer groups, according to the filing.

The company will hold its annual meeting on March 10th.

In intraday trading, Apple shares fell to $133. The stock has fallen about 23% over the past year.

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