Apple CEO Tim Cook will receive a pay cut in 2023, targeting $49 million in total compensation, the company said in an SEC filing.
Cook requested the change, Apple said in the filing, following a shareholder vote on his pay package. The company reduced the number of restricted stock units Cook would receive if he retires before 2026.In 2022, Cook made just under $83 million in stock awards, $12 million in incentives, and $3 million in salary. He also got benefits including retirement plan contributions, security, personal air travel, and over $46,000 in vacation cash-out.
Still, Apple's board praised Cook's performance, and said it has confidence in the CEO's long-term strategic decisions. The compensation committee, comprised of Art Levinson, Al Gore, and Andrea Jung, said it reached out to institutional shareholders to gauge how they felt about Cook's pay. Cook is paid mostly in restricted stock units. The number of actual shares of Apple stock that Cook vests depends on Apple's performance versus the S&P 500. Apple's stock has done well enough that Cook typically vests the maximum amount.
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