Apple’s Tim Cook to Take 40% Pay Cut

Cook's target pay package will be dropped to $49 million.

Cook’s target pay package will be dropped to $49 million.

Tech giant Apple announced today that its CEO, Tim Cook, would be receiving a substantial pay cut on the urgings of both the company’s shareholders and cook himself. Compared to Cook’s payment package last year, which totaled approximately $99.4 million, he will be taking a 40% pay cut for 2023, bringing his target pay package down to $49 million.

A large portion of Cook’s paycheck was tied up in company shares, which the company’s investors disagreed with, especially since Apple stock values dropped by about 27% last year. The shareholders held a vote to have Cook’s pay package reduced, though the vote is largely symbolic since Cook agreed with the motion himself.

“The compensation committee balanced shareholder feedback, Apple’s exceptional performance, and a recommendation from Mr. Cook to adjust his compensation in light of the feedback received,” the company said in its annual proxy statement released Thursday. The corporate board added that the updated pay package is “responsive to shareholder feedback, while continuing both to align pay with performance and to recognize Mr. Cook’s outstanding leadership.”

While Cook’s overall pay package has been lowered, his base salary will remain at $3 million, plus a $6 million bonus.

Follow @TwistityNews