Technology NewsApple's CEO has asked for a serious pay cut

Apple’s CEO has asked for a serious pay cut

-



Tim Cook himself suggested adjusting the compensation in light of the feedback he received.

Tim Cook will be paid about 40 percent lessas last year, according to the information published by Apple from the annual shareholder information, but what is surprising is that the reduction was proposed by the CEO himself. It appears that only 64 percent of the “Say on Pay” votes cast on executive compensation proposals at the tech giant’s 2022 annual advisory meeting supported keeping the 2021 pay packages. Although this still represents a majority of votes, 94.9 percent of shareholders who voted last year supported executive compensation proposals, which represents a significant decrease of “supporters” compared to the previous year.

Of course, in order to finalize this year’s salary packages, Apple’s compensation committee did not have to be told twice to adjust the remuneration downwards, which was also greatly facilitated by the fact that Tim Cook “voluntarily” proposed reducing his salary in light of the feedback he received.

As a result, Cook’s target salary for 2023 is $49 million, down $35 million from his 2022 CEO earnings. His base salary remains at $3 million and his annual bonus is unchanged at $6 million, but the value of his stock awards has dropped from $75 million in 2022 to $40 million this year. This has also changed in its structure: this year it is 75 percent performance-based and 25 percent time-based, instead of 50-50 as in 2022.

The truth is that Cook, who vowed a few years ago to donate his fortune to charity, is likely to earn more than $49 million this year in stock awards and bonuses. In comparison, according to Bloomberg, he earned $99.4 million in 2022, which is $15.4 million more than his projected salary for the year. In the year 2021, his total salary package was $98.7 million.

Critics, such as the consulting firm Institutional Shareholder Services, have previously urged shareholders not to vote on Cook’s pay package, citing concerns that his stock awards are too large and too lenient. “Half of the package simply lacks the performance criteria,” the company previously said.

The change in Cook’s compensation reflects changing attitudes about executive pay, and the CEO may be setting an example for his colleagues. After all, it is unusual for a leader of this level to propose cutting his own salary.

Hardware, software, tests, interesting and colorful news from the world of IT by clicking here!

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

New OPPO Reno8 T and Reno8 T 5G, 100 megapixel camera and 120 Hz screen

OPPO has launched a new series within its Reno line: this is the Reno8 T and Reno8 T...

ஒரு செயற்கை இரசாயன கடிகாரம் சர்க்காடியன் தாளங்களின் மர்மமான சொத்தை எவ்வாறு பின்பற்றுகிறது

சர்க்காடியன் தாளங்கள் ஒரு தனித்துவமான பண்புகளைக் கொண்டுள்ளன, இதில் வெப்பநிலை ஏற்ற இறக்கங்கள் இருந்தபோதிலும் சுழற்சி காலம் மாறாமல் இருக்கும், பல உயிர்வேதியியல் எதிர்வினைகளின்...

ChatGPT – OpenAI plans to introduce an optional subscription for users of its tool

ChatGPT is one of the most interesting technological curiosities of recent months. Much has already been written...

New Russian-Backed Gamaredon’s Spyware Variants Targeting Ukrainian Authorities

Feb 02, 2023Ravie LakshmananCyber Risk / Threat Detection The State Cyber Protection Centre (SCPC) of Ukraine has called out...

ChatGPT – OpenAI plans to introduce an optional subscription for users of its tool

ChatGPT is one of the most interesting technological curiosities of recent months. Much has already been written...

New Russian-Backed Gamaredon’s Spyware Variants Targeting Ukrainian Authorities

Feb 02, 2023Ravie LakshmananCyber Risk / Threat Detection The State Cyber Protection Centre (SCPC) of Ukraine has called out...

Must read

The Easiest Crab Cakes | The Recipe Critic

This website may contain affiliate links and advertising...

New HeadCrab malware infects 1,200 Redis servers to mine Monero

New stealthy malware designed to hunt down vulnerable...