Apple CEO Tim Cook requests $50 million pay cut, expected to take $49 million in 2023
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Apple’s Compensation Committee has cut CEO Tim Cook’s expected 2023 salary by more than 40% to $49 million, down from $99.4 million last year, according to the company’s proxy statement released today.
The substantial pay cut is upon Cook’s request, according to the statement, in which the CEO suggests that his 2023 composition should be lowered in light of the feedback from shareholders, with Cook’s 2023 compensation target now ~$50 million less than the year before.
The filing says that committee “discussed numerous factors with the Board and its independent compensation consultant, including Mr. Cook’s outstanding leadership, the immense scope and complexity of his role as Apple’s CEO, the Board’s confidence in his long-term strategic decisions, the Company’s exceptional financial results delivered during 2021, shareholder feedback, and the value of his prior equity awards as compared to the value of his current outstanding equity awards.”
“Balancing shareholder feedback, a desire to continue to create meaningful performance and retention incentives, and Mr. Cook’s support for changes to his compensation to reflect the feedback received, the Compensation Committee maintained the cash components of Mr. Cook’s 2023 compensation and reduced his target equity award grant value.”
The changes will see Cook’s base salary of $3 million cash remain the same as 2022, as well as his annual cash incentive of $6 million remaining unchanged. However, Cook’s equity award value will drop from $75 million in 2022 to $40 million this year.