Tim Cook accepted a cut of more than 40% of his salary as CEO of Apple in 2023

CEO Tim Cook speaks at an Apple event at its headquarters in Cupertino, California, United States September 10, 2019. REUTERS/Stephen Lam/File (Stephen Lam/)

The CEO of the tech giant Manzana, Tim Cookwill be reduced this year by a 41.6% the remuneration amount to be received for his duties in charge of the manufacturer of the iphoneafter the executive himself has recommended a adjustment of your fees after criticism from shareholders of the multinational.

“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,” the company reported.

Thus, the compensation target to be received by Cook in 2023 has been set at 49 million dollars41.6% below the target of $84 million for fiscal year 2022.

Specifically, the CEO of Apple will continue to receive a base salary of 3 million dollarsthe same one that he has received annually since 2016, and will receive the same bonus of 6 million dollars as in 2022.

Tim Cook attends the annual Allen and Co. media conference in Sun Valley, Idaho, United States, July 10, 2019. REUTERS/Brendan McDermid/File
Tim Cook attends the annual media conference Allen and Co. Sun Valley, Idaho, United States, July 10, 2019. REUTERS/Brendan McDermid/File (Brendan McDermid/)

However, the target value set for the company’s stock component of Apple’s CEO’s compensation has been lowered to 40 million dollarscompared to 75 million dollars last year.

Likewise, the remuneration in shares has increased by 75% the weight of the performance of the company, compared to the fifty% set in Cook’s 2022 compensation package.

“Given the comparative size, scope, and performance of Apple, the Compensation Committee intends to position Mr. Cook’s compensation objective among the 80th and 90th percentiles in relation to our main peer group for future years”, explained the multinational.

In this sense, Apple indicated that “after the advisory vote ‘Say on Pay’ After 2022, subsequent shareholder commitments, and discussions with Cook himself, the Compensation Committee approved compensation for 2023 that they believe responds to shareholder feedback while continuing to align pay with performance and shareholder interests. as well as recognizing Cook’s outstanding leadership.”

(With information from Europa Press)

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