Tim Cook: Reduction of his salary after his own demand  

40% less money for 2023

At his own request, Apple CEO Tim Cook will be paid 40% less for 2023 . Cook’s decision came after a shareholder meeting in which only 64% agreed that executive pay should remain at 2021 levels. So while it’s still a majority, 64% is a significant one down from the previous year where 94.9% of shareholders voted to maintain executive pay.

Thus, Tim Cook asked Apple’s compensation committee to ” adjust his salary in light of investor feedback “.

For 2023, Cook’s salary will be $49 million, down $35 million from 2022. His base salary and cash bonus remain at $3 million and $6 million, respectively, but his stock bonus has dropped to $40 million from $75 million. it was last year. In addition, the share bonus will depend in 2023 on the performance of the company by 75% and on the investments by 25%, instead of the 50-50 that was in force in 2022.

According to Bloomberg , Cook earned $99.4 million in 2022, $15.4 million more than the year’s salary target. The truth is that Cook will probably earn more than the $49 million target salary this year, mostly due to bonuses and Apple stock.