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Tim Cook will take a substantial pay cut in 2023 after he called for changes in his pay in response to feedback and criticism from Apple stakeholders.

Apple CEO Tim Cook to get massive 2023 pay cut at own request, ‘only’ to make $49 million

Tim Cook will take a substantial pay cut in 2023 after he called for changes in his pay in response to feedback and criticism from Apple stakeholders. Apple today released its annual proxy statement for investors, which reveals a host of details about executive compensation, shareholder proposals and more.
The report that was released alongside the statement revealed that Tim Cook will have a “target compensation of $49 million” in 2023, a decrease of around 47% compared to what he earned in 2022.

Cook’s total target compensation for 2023 was set at $49 million, which represents a reduction of more than 45% from his total target compensation for 2022. Given Apple’s comparative size, scope, and performance, the Committee The Compensation Committee also intends to position Cook’s annual target compensation in the 80th to 90th percentile relative to our major peer group for future years.
The Compensation Committee of Apple’s board of directors is in charge of issues like executive compensation. According to today’s filing, Cook himself recommended that his compensation structure be adjusted based on feedback received as part of the Compensation Committee’s “Say on Pay” survey and vote.

Before the start of each fiscal year, the Compensation Committee evaluates and decides on compensation. The results of the 2022 Say on Pay advisory vote resulted in a broader shareholder commitment on executive compensation in 2022 of approximately 53% of the institutional shares held. Apple’s outstanding performance, shareholder feedback, and Cook’s suggestion that his compensation be adjusted in light of feedback received were considered by the Compensation Committee.
In 2021, Tim Cook received total compensation of around $98 million. Sixty-four percent of the votes cast at next year’s shareholder meeting were in favor of the 2021 compensation paid to executives.

Cook’s target compensation for 2022 was $84 million, but he actually made about $99.4 million, as much of his income is performance-based and tied to Apple stock.
By 2023, Cook will receive a base salary of $3 million and an annual case incentive of $6 million. No changes have been made to these figures. However, as we said, most of Cook’s compensation is tied to Apple stock. By 2023, the value of his equity award has been capped at $40 million. This is down from the $75 million he earned in 2022.

Cook stated in a 2015 interview that he intends to use a “systematic approach” to giving in order to distribute his entire fortune. He did not provide details at the time, only stating that he had started giving money “quietly.”
In addition to this annual compensation, a major benefit Cook enjoys is the availability of a private jet for all business and personal travel. Out of “safety and efficiency considerations,” Apple’s board of directors adopted a policy in 2017 that requires Cook to fly private for all of his professional and personal travel.

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