Apple CEO Tim Cook dinner takes 50% pay minimize after shareholder pushback

Apple CEO Tim Cook dinner, who’s sitting on a private fortune in extra of $1 billion, is predicted to have his pay minimize by nearly 50% this 12 months to about $49m (£40m) after he requested the corporate to “alter his compensation” within the mild of damaging suggestions from shareholders disenchanted on the fall within the firm’s share value.

Apple CEO Tim Cook
Apple CEO Tim Cook dinner

Rupert Neate for The Guardian:

Cook dinner, 62, who grew to become CEO after the co-founder Steve Jobs stepped down earlier than his dying in 2011, was paid $99.4m in 2022 and $98.8m in 2021. However the firm mentioned in a regulatory submitting late on Thursday evening that it had set a “goal compensation” of $49m for 2023.

“The compensation committee balanced shareholder suggestions, Apple’s distinctive efficiency, and a suggestion from Mr Cook dinner to regulate his compensation in mild of the suggestions acquired,” Apple mentioned within the submitting.

See additionally: Tim Cook dinner firmly latched Apple onto China’s CCP teat. What’s his plan for weaning it off? – November 2, 2022

Cook dinner’s annual base wage and bonus will stay unchanged at $3m and $6m respectively. However the “focused” quantity he might be given in share-based bonuses will fall from $75m final 12 months to $40m this coming 12 months.

The quantity given in share bonuses will even be extra depending on Apple’s share value efficiency than it was final 12 months. Now 75% of the share bonus relies on Apple’s inventory market efficiency, up from 50% final 12 months.

Apple’s shares have fallen by 23% over the previous 12 months to $133.41 on the shut on Thursday, elevating issues amongst some shareholders.

MacDailyNews Take: How will Cook dinner ever survive for twelve months on simply $49 million plus bonuses?!

See additionally: Apple’s CEO Steve Jobs took $1 wage once more in 2010 – January 7, 2011

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