Apple CEO Cook’s pay cut 40% year-over-year
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Apple CEO Tim Cook in 2023 will receive compensation more than 40% less than last year, according to data in the electronic database of the US Securities and Exchange Commission.
Cook’s total remuneration in 2023 will be $49 million, more than 40% less than the target total remuneration in 2022, the document says (quote according to Market Watch).
It is noted that when compiling the document, feedback from shareholders, the company’s activities and “Mr. Cook’s recommendation to adjust his remuneration in the light of the feedback received” were taken into account. In the past, Cook has received about $83 million in stock, $12 million in bonuses and $3 million in salary.
As writes Bloomberg, Institutional Shareholder Services has previously criticized the company over Cook’s previous compensation package, but a majority of shareholders still voted to approve it. ISS, a leading consulting firm, complained that Cook’s stock will continue to rise after retirement and that half of the rewards are independent of performance criteria such as the company’s share price.
Apple’s shareholders meeting is scheduled for March 10 in absentia format. Apple shares fell 27% last year. In 2023, they grew by 2.7%.
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