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.
Tim Cook takes a $35 million pay cut that he recommended https://t.co/McFe7GuigE pic.twitter.com/x8ZhvXyepD
— The Verge (@verge) January 13, 2023
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.
Apple CEO Tim Cook is taking a 40 percent pay cut in 2023 https://t.co/JEslB6t3qS pic.twitter.com/bELZhxcl3i
— Engadget (@engadget) January 13, 2023
“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.
Sony Expresses Concern on Xbox Game Pass Growth
-
Prices dropped in Venezuela, Indonesia, Ecuador, Thailand, and more. Netflix has recently been feeling a major financial squeeze as...
-
The Rochester Regional Joint Board of Workers United filed a formal complaint against Tesla. Earlier this week, a group...
-
Uber is making a comeback from pandemic-era losses. This week, prominent ridesharing company Uber reported their earnings for the...
-
A strong Q4 report and new investments have GM on the right track. This morning, the largest automotive company...
-
The deal is rumored to amount to around $10 billion. This morning, Microsoft announced the latest development in its...
-
Even Amazon isn’t immune to the worsening economy. As the global economy remains in the grips of inflation and...
-
Economic woes are affecting the highest echelons of wealth. According to recent statistics released by Forbes, the world’s wealthiest...
-
The bank was fined for “widespread mismanagement” and “illegal activity,” according to the CFPB. Today, financial regulators from the...
-
Store employees are worried layoffs may follow a merger. Recently, two of the largest grocery supermarket chains in the...
-
Despite ongoing concerns, the US job market is moving in the right direction. The United States economy is still...
-
American Airlines will buy 20 supersonic planes from Boom. Recently, commercial air carrier American Airlines and supersonic aircraft manufacturer...
-
Shareholders have accused Musk of enriching himself to the company’s detriment. In the midst of his ongoing revamp of...