Apple Inc is reducing its CEO Tim Cook’s compensation by over 40 per cent to $49 million in 2023, citing investor guidance and a request from Cook himself to adjust his pay, according to a Bloomberg report. It, however, added that Cook’s stock units tied to Apple’s performance will increase to 75 per cent in 2023 from 50 per cent, according to a regulatory filing by the iPhone maker.
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, according to the Bloomberg report.
Cook’s latest pay was based on “balanced shareholder feedback, Apple’s exceptional performance and a recommendation from Mr. Cook", Apple said in the filing. It is also planning to “position Mr. Cook’s annual target compensation between the 80th and 90th percentiles relative to our primary peer group for future years".
Apple CEO Tim Cook joined the billionaire club a full decade after he succeeded Steve Jobs as the chief executive of the world’s most valuable tech company.