Apple CEO Tim Cook to have salary cut by over 40% this year

• This year, Apple CEO Tim Cook’s yearly salary will be reduced by more than 40%.
• Mr Cook’s salary is 1,447 times that of an ordinary Apple employee.
• Mr Cook took over as CEO of Apple in August 2011, only weeks before co-founder Steve Jobs died.

This year, Apple CEO Tim Cook’s yearly salary will be reduced by more than 40%.

According to the technology giant, Mr Cook demanded the cut in response to shareholder criticism.

The compensation committee of Apple gave him a total “target compensation” of $49 million (£45.1 million) for 2023.

Last year, the iPhone maker’s stock plummeted due to supply chain concerns and a global economic slump.

“The Salary Committee considered shareholder comments, Apple’s extraordinary performance, and Mr Cook’s decision to reduce his compensation in light of the criticism received,” Apple stated in a filing with a US financial agency.

Mr Cook’s yearly basic compensation will remain at $3 million, with a bonus of up to $6 million.

The most significant change in his salary package is how he will be allocated shares in the company.

In 2022, the business granted him $75 million in stock options, half of which were contingent on how well Apple fared in the stock market.

His stock award objective for this year has been reduced to $40 million, with three-quarters of it contingent on share performance.

Mr Cook’s salary for 2022 was set at $84 million, although his real total pay for the previous year was $99.4 million. This included $630,600 for personal security and $712,500 for the use of a private jet.

A renowned investor advisory firm recommended Apple shareholders last year to vote against Mr Cook’s remuneration deal.

Institutional Shareholder Services (ISS) expressed “serious concerns” about the package’s “design and quantity” in a letter to investors.

According to the ISS, Mr Cook’s salary is 1,447 times that of an ordinary Apple employee.

Mr Cook took over as CEO of Apple in August 2011, only weeks before co-founder Steve Jobs died.

Under Mr Cook’s leadership, Apple was the first business to achieve a stock market valuation of $3 trillion, before plummeting to around $2.1 trillion during a turbulent year for the technology industry.

Lockdowns at Chinese manufacturing, supply chain delays, and a global economic slowdown have all contributed to Apple’s share price falling by more than 20% in the previous year.

According to Forbes magazine, the 62-year-personal old’s worth is over $1.7 billion. Mr Cook has committed to donating his whole fortune over his lifetime.

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