After criticism from shareholders
Apple boss Cook has his salary cut significantly
01/13/2023 10:11 am
Last year, Apple boss Tim Cook earned significantly more than the board of directors had actually targeted. In total, he receives almost $100 million thanks to lavish share packages. Now he has his salary cut by almost half – at the suggestion of the shareholders.
Apple CEO Tim Cook is expected to earn significantly less in the current fiscal year. After criticism from shareholders and Cook’s own recommendation, fewer shares will be allocated to him, as Apple announced in documents for the general meeting in March. In addition, their award will depend to a greater extent than before on the course of business. Cook’s base salary of $3 million will remain unchanged.
For the fiscal year ended September 2022, Cook received aggregate compensation of $99.4 million, according to documents released during the night. The bulk of it – almost 83 million dollars – made up the share package. Bonus payments of $12 million were added to the base salary – as well as around $1.4 million that Apple spent on security measures and flights with a private jet prescribed by the board of directors.
Compensation for the current fiscal year is now $49 million, of which $40 million will be in the form of shares. While the allocation of half of the shares previously depended on the course of business, it will now be 75 percent. The Board of Directors emphasized that the quota will remain at least as high in the years to come. Some large shareholders had called for a change in this direction.
How high the actual income of the Apple boss will be depends on the share price. For the past year, the Board of Directors had targeted income of $84 million, including $75 million in stocks. In the end, however, the shares were worth more.
Cook took over the management of Apple from co-founder and tech visionary Steve Jobs shortly before his death in 2011. He also steered the company through the corona pandemic with record results. However, Apple had to deal with a problem last Christmas: production downtime due to corona measures in China caused longer waiting times for the important iPhone 14 Pro model.