Apple CEO Tim Cook dinner is taking a giant pay lower — at his personal advice. Cook dinner’s goal compensation will likely be reducing by $35 million, based on a new regulatory filing, dropping from $84 million in 2022 to $49 million in 2023. That’s a drop of greater than 40 %.
The modifications come totally from an adjustment in his fairness award worth, which makes up the majority of Cook dinner’s complete compensation. In 2022, that worth was estimated to be price $75 million, however this yr, that estimate drops to $40 million. His base wage of $3 million and his annual money incentive of $6 million will stay the identical. Bloomberg reported the pay lower earlier on Thursday.
To set Cook dinner’s new pay, the compensation committee on Apple’s board “balanced shareholder suggestions, Apple’s distinctive efficiency, and a advice from Mr. Cook dinner to regulate his compensation in mild of the suggestions acquired.” In actuality, his 2023 compensation may differ; Cook dinner really made $99.4 million in 2022, based on the submitting.