Tim Cook Pay Cut: Apple CEO Takes a Hefty $35 Million Reduction in His Compensation Amid Challenging Global Market
Apple CEO Tim Cook has taken a huge pay cut of $35 million, or more than 40 per cent of his compensation, amid challenging global macroeconomic conditions.
San Francisco, January 13 : Apple CEO Tim Cook has taken a huge pay cut of $35 million, or more than 40 per cent of his compensation, amid challenging global macroeconomic conditions. Apple iPhone 15 and 16 Series To Get Major Screen Tech and Face ID Upgrades, As per Reports; Find Details Here.
According to a new regulatory filing in the US Securities Exchange Commission (SEC), Cook's pay will drop from $84 million in 2022 to $49 million in 2023, at his own recommendation, reports The Verge. The pay change is entirely from an adjustment in his equity value.
In 2022, that value was estimated to be worth $75 million. However, that drops to $40 million this year amid the economic slowdown. Cook's base salary of $3 million and his annual cash incentive of $6 million will remain the same. Samsung Galaxy S23 Leaks Show Official Marketing Images Revealing Full Design and New Colour.
The compensation committee on Apple's board acebalanced shareholder feedback, Apple's exceptional performance, and a recommendation from Mr. Cook to adjust his compensation in light of the feedback received," read the SEC filing.
"Cook actually made $99.4 million in 2022, according to the filing," the report said. Amid iPhone production challenges in China owing to Covid-related disruptions, Apple's market cap has dropped $1 trillion from its peak a year ago.
Like many other tech companies, Apple has been hit by supply chain issues. Its manufacturing in China has taken a hit due to a fresh wave of Covid infections in the only major economy combating such a crisis.
While Apple's market value has declined significantly, other major technology companies have experienced steeper percentage declines. Amazon and Facebook-parent Meta's shares have fallen by about 50 per cent and 63 per cent, respectively, over the past year, said the report.
(The above story first appeared on LatestLY on Jan 13, 2023 11:19 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).