Tim Cook takes 40% pay cut
Apple CEO Tim Cookwill be paid in 2023 40% less than last year, dropping to “only” 49 million dollarsi, after requesting an “adjustment to his compensation” following shareholder concerns. The company does know Cupertino.
Cook has a base salary of $3 million and receives the majority of his compensation in stocks, the target amount of which will be reduced to 40 million dollars and will depend almost entirely on the performance of the companyaccording to a document filed with the US Securities and Exchange Commission.
The final figure may vary, however, as last year he pocketed a total of 99.4 million, of which 83 million from his stock alone, more than the target of 75 million, according to Apple’s press release. The changes were approved by the company’s compensation committee with the green light from Cook, after shareholders expressed their concerns about the size of his compensation. approving to a lesser extent (64%) than the previous year (95%) what earned by the top management.
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