Apple CEO Tim Cook’s salary is cut by 40 percent this year

Apple CEO Tim Cook’s salary is cut by 40 percent this year

Company to reduce his compensation from US$84 mil to US$49 mil

Apple cut the compensation of its chief executive, Tim Cook by more than 40 percent based on investor guidance in addition to Cook’s own request.

CUPERTINO (California): The technology giant Apple cut the remuneration of its chief executive, Tim Cook by more than 40 percent based on the guidance of investors in addition to Cook’s own request.

In the company’s regulatory disclosure filed on Thursday, Cook’s compensation target will be reduced to US$49 million in 2023 from US$84 million in 2022, the German Press Agency (dpa) reported.

Among other changes, the percentage of stock units awarded to Cook that are tied to Apple’s performance will increase to 75 percent in 2023 compared to 50 percent otherwise for future years, the company said.

In 2022, Cook received a reward totaling US$99.42 million including base salary, stock grants and incentives compared to US$98.73 million he received in 2021 and US$14.77 million in 2020.

The total compensation Cook received in 2022 includes US$3 million in base salary, US$82.99 million in stock awards, non-equity incentive plan rewards of US$12 million and other compensation of US$1.43 million.

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