The changes were approved by the Apple company with the ok from Cook, after shareholders expressed their concerns about the size of his compensation
Apple CEO Tim Cook’s salary is almost halved this year. It was he himself who wanted it, to avoid bad moods. The US businessman will be paid 40% less than last year in 2023, dropping to $49 million, after he asked for an adjustment to his compensation following shareholder concerns. He lets the Cupertino company know.
How much does Tim Cook make?
Tim Cook’s salary starts at a base of $3 million a month but most of his compensation comes in stocks, the company said in a statement. The final figure of the manager’s salary can therefore vary from year to year based on the performance of the company on the stock exchange. So much so last year Cook pocketed a total of 99.4 million, of which 83 million from the share package alone, a figure higher than the target of 75 million.
The salary cut
This year, the total amount will be reduced by $40 million and will depend almost entirely on the company’s performance, according to a document filed with the US Securities and Exchange Commission. However, Apple says the changes were approved by the company’s compensation committee with Cook’s approval, after shareholders expressed their concerns about the size of his compensation with less approval (64%) than to the previous year (95%) the amount earned by the top management.