Tim Cook, Apple’s CEO, will cut his salary by more than 40 percent this year. According to the latest official announcement , Tim Cook’s total compensation will be $99.4 million in 2022. His total salary was $13.4 million, including a $3 million salary, $83 million in stock and another $3.4 million in bonuses and incentives. Cook earned a total of $98.7 million in salary and bonuses in 2021.
Bloomberg’s Mark Gurman reports (via MacRumor ) that Cook will get a significant pay cut in 2023. In response to shareholder comments, the report says Cook has proposed a target compensation of $49 million for 2023. That’s nearly 40 percent less than his target compensation for 2022. A prominent investment advisory organization urged Apple shareholders to vote against it. Mr. Cook’s compensation plan for last year.
Despite the pay cut, Apple’s compensation committee praised Cook’s “excellent performance” as CEO in 2022. Cook has held the position since 2011. a form of performance-based RSU.
Apple said in a statement filed with the U.S. financial authority that its “Compensation Committee has reviewed shareholder criticism, Apple’s outstanding performance and Mr. Cook’s proposal to reduce his compensation in light of the feedback he received.
Mr. Cook will continue to receive a base salary of $3 million a year, as well as a bonus of up to $6 million. His compensation will vary most markedly depending on how he is given a stake in the company.
Half of the $75 million in stock the company gave him in 2022 depended on Apple’s stock price.
This year, his equity award goal is $40 million, of which $7 million is guaranteed and $4 million depends on how good the company’s stock is.
Although Mr. Cook received a salary of $99.4 million last year, his compensation goal for 2022 is $84 million. That amount included the cost of his personal security ($630,600) and the rental of a private jet ($712,500).