Tim Cook, the CEO of Apple, is anticipated to face a huge salary cut in 2023 after earning $99.4 million in 2022. The Chief Executive will be entitled to a payment this year that is 40% less than what he earned last year. It’s also important to note that Cook received a payment of $98.4 million in 2021, which is a big increase from this year’s payment of $3 million.
Tim Cook will be paid $49 million in 2023 as recompense for his work. The specifics of his remuneration were not disclosed in Apple’s Proxy Statement, which was found by MacRumors and contains the information below:
Mr. Cook’s 2023 target total compensation is $49 million, a reduction of over 40% from his 2022 target total compensation. Taking into consideration Apple’s comparative size, scope, and performance, the Compensation Committee also intends to position Mr. Cook’s annual target compensation between the 80th and 90th percentiles relative to our primary peer group for future years.”
Not all of the $49 million will be money; in 2022, Apple’s CEO got a $3 million salary, almost $83 million in stock awards, and $13.4 million in various types of remuneration. Apple’s Compensation Committee said that under Cook’s leadership, the business had “excellent success” despite the 40% pay cut for 2023.
In a few weeks, Apple will report its most recent quarterly financial results, giving us a preview of what to anticipate for the rest of 2023. Remain tuned.