Apple CEO Tim Cook has asked for a 40% pay cut, a reflection of feedback from the company’s shareholder meeting.
Cook received $98 million in compensation in 2021, compensation that was supported by 94.9 percent of shareholders. According to 9to5Mac, the most recent shareholder vote saw only 64% of shareholders vote for Cook’s compensation to remain the same.
As a result of the vote, Cook asked the Compensation Committee to reduce his pay. The change was outlined in the company’s annual proxy statement:
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.
Cook’s 2023 pay breaks down as follows:
- $3 million base salary
- $6 million annual cash incentive
- $40 million equity award value