Tim Cook, CEO of Apple, will take a pay cut of more than 40% from a year earlier as the company make adjustments to his compensation. This decision was partly influenced by Cook himself.
Apple Inc. stated in a regulatory filing that the target total compensation for Cook was $49 million for 2023, with a $3 million salary, $6 million cash incentive and $40 million in equity awards.
Earlier last year, Cupertino, California, company conducted an advisory shareholder vote on executive pay with 6.21 billion shares voting in favour of the executive pay package and 3.44 billion.
Apple said its compensation committee was largely influenced by account shareholder feedback, the performance of the company and a recommendation from Cook, who was promoted to CEO in 2011, to arrive at the new payment.
Apple revealed that it had asked for feedback from its shareholders regarding compensation and it received “overwhelming support for Mr. Cook’s exceptional leadership and the unprecedented value he has delivered for shareholders….Those shareholders we spoke with that did not support our 2022 Say on Pay proposal consistently cited the size and structure of the 2021 and 2022 equity awards granted to Mr. Cook as the primary reason for their voting decision,” the company stated.
Apple said Cook was in support of the changes to his compensation.
The company plans to position Cook’s annual target compensation between the 80th and 90th percentiles relative to its primary peer group for future years, according to the filing.
The company’s annual general meeting comes up on March 10.
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