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Apple cuts Tim Cook’s salary by 40% due to shareholder concern

Date: May 28, 2023 Time: 22:27:31

Apple, the technology giant, has reported this Thursday that its top executive, Tim Cook, will charge 40% less in 2023 compared to the previous year. The manager will earn $49 million, after asking for a “compensation adjustment” for concerns expressed by shareholders.

Cook has a base salary of $3 million and receives most of his compensation in stock, the target amount of which will be reduced to $40 million and resulted almost entirely from the good performance of the business, according to a document filed with the Securities and Exchange Commission. from USA.

The final figure may vary, however, since last year a total of 99.4 million was pocketed, of which 83 million corresponded only to the package of shares, a figure that was above the target amount set at 75 million, according to the document.

The changes have been pushed by the company committee with the go-ahead from Cook after shareholders indicated concerns about the size of his compensation giving lower approval (64%) than the previous year (95 %) to what the dome wins.

The company also highlights the salary of four other managers: Luca Maestri, financial director; Kate Adams, general secretary, Deirdre O’Brien, vice president responsible for stores and human resources, and Jeff Williams, director of operations, who each earned more than $27 million. However, for the moment they will not suffer a cut in their remuneration.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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