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»Tim Cook, CEO of Apple, takes a 40% wage cut, yet will still earn $49 million in 2023«
This year, Apple CEO Tim Cook voluntarily took a 40% pay cut in response to shareholder opposition to his 2022 compensation, but you shouldn’t feel too sorry for him.
According to filings with the Securities and Exchange Commission, Cook will receive $49 million in total remuneration in 2023. Forbes estimates Cook’s net worth to be approximately $1.7 billion.
Apple shareholders reacted negatively to his prior annual income of $98.7 million, which was 1,447 times the company’s median employee salary.
Cook’s salary was approved by 64% of Apple shareholders in 2018 compared to 95% of shareholders in fiscal year 2020.
Apple shareholders voiced “concern over Mr. Cook’s total target compensation due to the size of his equity awards in 2021 and 2022,” according to the SEC filing.
Investors in the Cupertino, California-based iPhone manufacturer also expressed their desire for a greater proportion of Mr. Cook’s shares to be performance-based.
According to SEC filings, Time Cook, who has an estimated net worth of $1.7 billion, will earn $49 million in 2023 remuneration.
AP
50% of Cook’s vesting shares were connected to the performance of Apple stock in the prior year. This year, the percentage will increase to 75%, according to an SEC filing.
Friday morning, Apple shares were trading about even on the Nasdaq. In the past year, the severe economic climate did not spare the $2.13 trillion firm, as its stock price plunged by more than 22%.
Even after more than a decade since Cook took over as CEO from the late visionary co-founder Steve Jobs, investors have been rewarded.
Since 2011, Apple stock has generated a return on investment of 1,212%, over six times that of the S&P 500 index.
According to the SEC filing, the Apple CEO will receive a $3 million basic pay, $6 million in cash incentives, and $40 million in stock awards in 2023.
Cook’s 2023 remuneration will be more closely related to the company’s stock success than in past years.
In February of last year, a shareholder advisory firm encouraged shareholders to vote against Cook’s nearly nine-figure 2022 salary.
During Cook’s decade-plus at the helm of the iPhone manufacturer, Apple stockholders have witnessed a 1,200% return on investment.
Institutional Shareholders Service, one of the largest firms that advise stockholders on how to vote their shares, expressed “significant concern” with Cook’s $82 million in stock awards for 2021.
This was in addition to a cash bonus of $12 million and a base salary of $3 million.
Cook raked up other costs, such as $700,00 for private jet travel and $630,000 for private protection.
A California judge issued a restraining order against a Virginia woman who drove across the nation to the Apple CEO’s Bay Area home after sending him photographs of a loaded pistol and letters claiming to be the mother of his twins for more than a year.
»Tim Cook, CEO of Apple, takes a 40% wage cut, yet will still earn $49 million in 2023«