Apple CEO Tim Cook is set to receive a 40% pay cut this year according to a filing with the SEC. The decision was made by Apple’s Compensation Committee after getting feedback from shareholders.
Apple CEO Tim Cook is set to see his pay fall by 40% this year compared to last, according to a Schedule 14A filed with the U.S. Securities and Exchange Commission. The document says that Tim Cook’s 2023 target total compensation is $49 million, that’s 40% down from the 2022 target total compensation.
“The Compensation Committee balanced shareholder feedback, Apple’s exceptional performance, and a recommendation from Mr Cook to adjust his compensation in light of the feedback received,” Apple wrote in the filing. “The Compensation Committee then approved the target annual compensation of our named executive officers for 2023, including the following changes to CEO compensation, which Mr Cook supported, and that the Compensation Committee believes are responsive to shareholder feedback, while continuing both to align pay with performance and to recognize Mr Cook’s outstanding leadership.
