Tech giant Apple is cutting CEO Tim Cook’s pay by more than 40% – the company says it did it at the request of Cook himself.
It is reported by Bloomberg with reference to the presentation of the company to the US regulator.
The billionaire’s annual compensation will drop to $49 million in 2023 from $99.4 million received last year. Of the amount he received in 2022, $3 million was a base salary, and about $83 million was company stock and bonuses. This is slightly more than in 2021, when his total pay package was $98.7 million.
The $49 million award includes the same $3 million base salary and $6 million bonus as in 2022, plus a $40 million share award. The latter was worth $75 million in 2022. Actual total compensation Cook for 2023 may fluctuate depending on the performance of the company’s shares.
Among other things, Cook’s request is due to the fact that shareholders in a number of large international companies blocked the payment of significant compensation packages for executive directors. A record number of so-called reward votes failed in 2021, according to Mercer, likely reflecting shareholder frustration with how companies have performed during the pandemic.