Apple’s 2023 proxy statement reveals that its CEO compensation for this year will be $49 million which is a huge reduction from last year’s $99.4 million compensation.
In the past two years, Tim Cook was awarded handsome compensation. After receiving $14.7 million in compensation in 2020, he was granted $98.7 million in compensation in 2021 and $99 million in compensation in 2022 which included $3 million in salary, $82.9 million in stock awards, $12 million in non-equity incentive plan compensation and $1.4 million in other compensation.
Tim Cook voluntarily requests a $50 million pay cut in 2023 – from $99 million to $49 million
As per the document published by SEC, Tim Cook’s target compensation for 2023 is $49 million which is approximately a 40% decline from $99 million compensation in 2022.
Mr. Cook’s 2023 target total compensation is $49 million, a reduction of over 40% from his 2022 target total compensation. 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.
Last year, Apple’s shareholders expressed discontent with Tim Cook’s $99 million compensation for 2022 like Norway’s oil fund and Institutional Shareholders Services group. Although the compensation was approved by the board in 2022, Cook has recommended that his compensation be adjusted based on the feedback this year.
The Compensation Committee evaluates and makes compensation decisions prior to the start of each fiscal year. The results of the 2022 Say on Pay advisory vote led to broader shareholder engagement on executive compensation in 2022 of approximately 53% of institutional shares held. The Compensation Committee balanced shareholder feedback, Apple’s exceptional performance, and a recommendation from Mr. Cook to adjust his compensation in light of the feedback received.
Apple’s 2023 Annual Shareholders Meeting is scheduled for March 10. In his message to investors, Cook acknowledged the economic and political challenges the company faces and expressed confidence in its future.
The global challenges with us all today — from inflation, to war in Eastern Europe, to the enduring impacts of the pandemic — make this a time for deliberate and thoughtful action. But it is not a time to retreat from the future. We’ve always run Apple for the long-term, and that means continuing to invest in innovation, in people, and in the positive difference we can make in the world.
Today, we have the strongest lineup of products and services we’ve ever had, and our technology has never shown up for our users in more ways. And our latest innovations are helping so many of us harness our creativity, connect with loved ones, find entertainment and joy, and live safer, healthier lives.
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