The CEO's total compensation will decline from $99 million to $49 million, following investor guidance and a request from Cook himself to cut his pay
is cutting Chief Executive Tim Cook’s compensation by more than 40% to $49 million in 2023, citing investor guidance and a request from Cook himself to adjust his pay.
As part of the changes, the percentage of stock units awarded to Cook and tied to Apple’s performance will increase to 75% in 2023 from 50%, as well as in future years, the company said in a regulatory filing Thursday. For 2022, Cook received compensation of $99.4 million, including $3 million in base salary, about $83 million in stock awards and a bonus. That was up slightly from 2021, when his total pay package was $98.7 million.
Cook’s latest pay was based on “balanced shareholder feedback, Apple’s exceptional performance and a recommendation from Mr. Cook,” the iPhone maker said in the filing. The company also plans to “position Mr. Cook’s annual target compensation between the 80th and 90th percentiles relative to our primary peer group for future years,” Apple said.
The $49 million in target compensation includes the same $3 million salary and $6 million bonus as in 2022, as well as an equity award value of $40 million. His equity award value in 2022 was $75 million. Cook’s actual total compensation for 2023 could fluctuate based on the company’s stock performance.
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