Apple will cut CEO Tim Cook’s compensation by 2023. This is reported by Bloomberg with reference to the US Securities and Exchange Commission.
Cook himself offered to cut his pay due to investor discontent. The CEO’s total compensation for his work this year will be $49 million, half of what it was in 2022.
Last year, the total award amounted to $99.4 million. It consisted of a $3 million salary, about $83 million in stock, and $13.4 million in other benefits. Such large compensation drew criticism from shareholders, particularly from the consulting firm Services for Institutional Shareholders.
Recall that in September, Apple introduced a line of new iPhones, including the 14 Plus model, and the smartphone went on sale on October 7. The difference between the iPhone 14 and the iPhone 14 Plus, among other things, is the screen size: 6.1 and 6.7. Read more here.