Apple CEO Tim Cook Takes 40 Percent Pay Cut, Will Earn $49 Million in 2023
Apple is cutting Chief Executive Officer Tim Cook's compensation by more than 40 percent to $49 million (roughly Rs. 399 crore) 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 percent in 2023 from 50 percent, as well as in future years, the company said in a regulatory filing Thursday. For 2022, Cook received compensation of $99.4 million (roughly Rs. 809 crore), including $3 million (roughly Rs. 24 crore) in base salary, about $83 million (roughly Rs. 675 crore) in stock awards and a bonus. That was up slightly from 2021, when his total pay package was $98.7 million (roughly Rs. 803 crore). 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 annu...