Apple CEO Tim Cook will take a more than 40% pay cut this year from a year earlier as the company adjusts how it calculates his compensation partly based on a recommendation from Cook himself.
FILE - Apple CEO Tim Cook speaks in front of the new Taiwan Semiconductor Manufacturing Company facility under construction in Phoenix, Tuesday, Dec. 6, 2022. Cook will take a more than 40% pay cut this year from a year earlier as the company adjusts how it calculates his compensation. Apple Inc. said in a regulatory filing that Cooks target total compensation is $49 million for 2023.
Last March the Cupertino, California, company conducted an advisory shareholder vote on executive pay with 6.21 billion shares voting in favor of the executive pay package and 3.44 billion against. There were also abstentions and broker non-votes.performance Apple said last year it sought feedback from shareholders about compensation and it received “overwhelming support for Mr. Cook’s exceptional leadership and the unprecedented value he has delivered for shareholders....Those shareholders we spoke with that did not support our 2022 Say on Pay proposal consistently cited the size and structure of the 2021 and 2022 equity awards granted to Mr. Cook as the primary reason for their voting decision,” the company said.
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