In view of the usual annual meeting of shareholders, which will be held on March 10th, Apple communicated – among other things – that Tim CookCEO of the company, salary cut by 40%.
“Tim Cook’s total 2023 expected compensation is $49 million, a reduction of more than 40% from his total compensation recorded in 2022,” reads the statement released by Apple.
Il Tim Cook compensation for 2023 so it will look like this:
- $3 million (base salary)
- $6 million (incentive plan)
- $40 million (in Equity Award, i.e. non-cash compensation based on company stock)
The latest entry, in 2022, was $75 million.
It was Tim Cook himself who suggested the cut to his salary, based on feedback received from Apple’s Compensation Committee. Included on this committee, “which makes compensation decisions before the start of each fiscal year,” are selected members of the company’s board of directors.
Il 2022 “Say on Pay” surveywho asked investors last year about the compensation of the company’s top executives, highlighted that ‘only’ 64% of voters agreed with the pay Apple executives receive in 2021. Previously this percentage had reached 95%.
In 2021, Tim Cook received a total compensation of 98 million dollars. Reuters pointed out that the manager’s fee that year, was 1,400 times higher than that of an ordinary employee.
In 2022, however, Cook pocketed $99.4 million. The surge in his pay has taken place in the last two years: in 2020, in fact, the compensation of the Apple CEO had been ‘just’ 14.8 million dollars.
Under the guidance of Tim Cook, who took over from Steve Jobs in 2011Apple continued to grow significantly, touching for a preve period, in 2022, the three trillion dollars of capitalization. But precisely in the course of 2022, Apple shares fell by 27% on the stock market, in a particularly difficult year for big tech companies. Many companies, based on negative results, ordered cuts and mass layoffs.
According to Forbes, Tim Cook can count on a personal fortune of 1.7 billion dollars. Cook owns approximately 3.3 million shares of Apple. Since he worked at Apple – he arrived in Cupertino at the insistence of Jobs, who snatched him from IBM – he has sold Apple shares over the years for a value equal to “hundreds of millions of dollars”.
In 2015, Cook promised that will donate to charity much of the fortune he amassed over the course of his career.