Apple CEO Tim Cook came close to $100 million in total compensation for the second straight year, according to a proxy statement filed with the SEC. The filing notes that the company plans to slash the CEO’s pay by more than 40%
came close to $100 million in total compensation for the second straight year, taking home $99.4 million in fiscal 2022, according to a proxy statement filed with the SEC.
“Taking into consideration Apple’s comparative size, scope, and performance, the Compensation Committee also intends to position Mr. Cook’s annual target compensation between the 80th and 90th percentiles relative to our primary peer group for future years,” the filing notes. The sizable cut in pay was determined after the committee “balanced shareholder feedback, Apple’s exceptional performance, and a recommendation from Mr. Cook to adjust his compensation in light of the feedback received.
Last year, news of Cook’s 2021 compensation prompted some shareholders, including an influential advisory firm, to urge a vote against the package. The setup for public companies generally provides shareholders with an opportunity to approveplans, though bylaws vary as to how a “no” vote on pay affects the actual payouts. In the end, 64% of shareholders voted in favor of Cook’s pay package, a far less definitive stamp of approval than most top execs receive.
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