The CEO of Apple still has a small mattress to withstand inflation and meet his daily needs.
The current crisis is forcing both individuals and businesses to save money, and Apple is not spared.
A salary reduced by 40%, but which is still counted in millions of dollars
Tim Cook, the president of the Californian manufacturer, will therefore see his salary cut by nearly $35 million for the year 2023. This decision was taken at his request and accepted by the company’s board of directors. The leader will thus receive an annual income of 49 million dollars this year, against 84 million in 2022.
In detail, the salary of Tim Cook at the head of Apple does not change, it is still 3 million dollars each year. Added to the latter is an incentive bonus of $6 million, which again remains fixed compared to last year.
Tim Cook decided instead to receive less compensation, i.e. Apple shares to be exercised in the future. In 2023, these titles will represent a value of 40 million dollars, against 75 million dollars in 2022, and should guarantee him a comfortable retirement under the Cupertino sun.
Apple and Tim Cook are preparing to face the crisis
This pay cut can be seen as a symbol. Apple, like all global companies, must bear the brunt of inflation, and GAFAM has already announced a series of measures that range from simple economies of scale to mass layoffs.
Apple’s business is still doing well, but we will have to wait for the brand’s quarterly results, announced on February 2, to find out if the Christmas period was successful. The production difficulties of the iPhone 14 Pro and the allegedly soft sales of the iPhone 14 and iPhone 14 Plus could spell the end of abundance for the American brand.
The emoluments of Tim Cook at the head of the American group have already irritated investors. In 2022, only 66.4% of shareholders had voted in favor of the various incomes granted to the manager, a historically low score in a general meeting often in agreement with the decisions and requests of the board of directors. Tim Cook may have wanted to anticipate a possible slingshot by making a gesture before the next meeting of shareholders, scheduled for next March.
Source : The Verge
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