By The Financial District
Apple CEO Tim Cook's Pay Slashed By Half This Year
Apple CEO Tim Cook will have his pay cut by almost 50% this year to about $49 million (£40 million) after he asked the company to “adjust his compensation” as shareholders groused at the fall in the company’s share price, Rupert Neate reported for The Guardian.
Photo Insert: Cook, 62, was paid $99.4 million in 2022 and $98.8 million in 2021.
Cook, 62, who became CEO after the co-founder Steve Jobs stepped down before his death in 2011, was paid $99.4 million in 2022 and $98.8 million in 2021. Apple said n a regulatory filing late on Thursday night that it had set a “target compensation” of $49 million for 2023.
Cook’s annual base salary and bonus will remain unchanged at $3m and $6m respectively. But the “targeted” amount he will be given in share-based bonuses will fall from $75m last year to $40m this coming year.
The company said 64% of shareholders backed its pay plans at its annual meeting last year but acknowledged that there had been a “notable year-over-year decline, as our annual ‘say on pay’ proposals have received much higher levels of shareholder support for many years.”
The shareholder advisory service Institutional Shareholder Services last year urged investors to vote against Cook’s pay package, saying there were “significant concerns” over the “design and magnitude” of the package.
ISS pointed out that Cook was paid 1,447 times more than the average Apple employee.
Cook’s total $99.4 million pay last year included $630,600 in personal security costs and $712,500 in private jet use. His 2022 pay was higher than the $98.8 million collected in 2021 but that was more than 570% higher than the $14.7 million he was paid in 2020.
Cook, who is sitting on a personal fortune of more than $1bn, according to the Bloomberg Billionaires Index, has said he plans to give away all of his fortune before he dies.
In 2015, he told Fortune magazine that he planned to donate all of his wealth to charity after providing for his then 10-year-old nephew’s education.
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