Home Lifestyle Apple cuts CEO Tim Cook’s pay by more than 40%

Apple cuts CEO Tim Cook’s pay by more than 40%

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Thursday, January 12, Apple announced that it will reduce the annual compensation of its CEO, Tim Cook, by more than 40% in 2023, after the billionaire himself called for this reduction. Analysts have also claimed that the Apple CEO’s massive compensation package doesn’t make sense to investors.

In a freehand document with Securities and Exchange CommissionApple said that the compensation target for Tim Cook For the year 2023 it is $49 milliondown significantly from last year’s $84 million.

In 2022, Tim Cook won $99.4 million Thanks to Apple stock, which accounts for most of its revenue.

This reduction in compensation decided by Apple is explained by the adjustment of Tim Cook’s stock bonus, which will allow billionaires to earn $40 million in 2023While last year’s bonus earned him about $83 million. However, the final value of Tim Cook’s compensation in 2023 will depend on how Apple’s stock price moves.

Tim Cook will also receive a new bonus of 6 million dollars In addition to the basic salary 3 million dollarsan amount that has not changed since 2016.

Taking into account the size, scope and average performance of Apple, the Compensation Committee also intends to set Tim Cook’s annual compensation target between 80% and 80%.H and 90H percentages against our core peer group for years to come,” Apple said.

Forbes estimates Tim Cook’s net worth at $1.7 billion. The CEO of Apple has pledged to donate most of his fortune to charity.

Tim Cook has worked at Apple for decades. He has held the position of CEO since 2011, when he was the founder of the company, Steve JobsThey released the reins of the company. Apple has continued to experience significant growth since then, briefly surpassing its market capitalization 3 trillion dollars a year ago. However, the Apple share price decreased 27% In 2022, in a difficult environment for technology stocks. Last year, the consulting firm rejected Tim Cook’s salary package Institutional shareholder services, who advised Apple shareholders against the software at a meeting in March, citing “significant concerns about its design and size”. Shareholders eventually approved the plan, with 64.4% in favour, though Tim Cook later backed efforts to reduce his compensation, which has risen rapidly in recent years. He was Tim Cook’s replacement in 2020 $14.8 millionmuch less than it received last year or in 2021 ($98.7 million).

Translated article from the American magazine Forbes – Author: Nicholas Rayman

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