Apple CEO Tim Cook to take 40% pay cut in 2023
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In 2023, the salary of Apple CEO Tim Cook will be cut by 40%, to $49 million. About this corporation reported Thursday, January 12, in filings with the U.S. Securities and Exchange Commission. According to the company, the decision to reduce was made at the request of Mr. Cook himself, who reacted to the results of shareholders’ voting on this issue.
Back at the beginning of last year reportedthat the consulting company Institutional Shareholder Services recommended that Apple shareholders vote against paying Mr. Cook an annual remuneration of $99 million. As a result, 64% of shareholders supported Mr. Cook’s remuneration. This is significantly lower than in previous years: for example, in 2020, the approval of 95% of shareholders was received.
In general, “shareholder revolts” of large companies have become more and more frequent recently, when more than 50% of shareholders refused to support the companies’ proposals for the salaries of top managers. In the case of Apple, the approval rate did not fall below 50%, but it dropped significantly. In a statement, the companies cited this reduction as one of the reasons for the decision. In addition, before making a decision on the amount of compensation for 2023, Apple management consulted with representatives of the company’s largest shareholders.
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