Apple CEO Tim Cook saw a pay package last year that most people will never see: $99.4 million.
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But based on feedback from shareholders, the billionaire agreed to take a pay cut this year, CNN report.
Given the shaky state of the tech and Apple’s own plunging stock price, the tech giant lowered Cook’s target pay package to $49 million — 40% lower than 2022, according to media reports.
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Cook is said to have received nearly $83 million in stock awards, $12 million in incentives and a $3 million salary through 2022, plus more than $46,000 in vacation cash including contributions to retirement plans, security, personal air travel and more than $46,000 in vacation cash. Benefits included. CNBC.
“The Compensation Committee balances shareholder feedback, Apple’s strong performance, and Mr. Cook’s recommendations to adjust compensation based on the feedback received,” Apple said in its annual proxy statement released Thursday.
Cook’s base salary will remain at $3 million in 2023, and the CEO will also receive a $6 million bonus, the company said.
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Apple Inc is down nearly 40% year-over-year.
