Apple CEO Tim Cook takes a $35 million pay cut in 2023
Apple released its proxy for the 2023 shareholder meeting, and the 113-page report reveals that CEO Tim Cook will take a pay cut in 2023. It amounts to $35 million — the CEO will earn $49 million, down from $84 million last time. year.
His $3 million base salary and $6 million annual cash incentive remain unchanged, with the big difference coming from an adjustment to his equity award value. The other four top executives at Cupertino did not receive a slash in their pay or incentives.
Tim Cook at the launch of the iPhone 14 series. Image source: Twitter
Tim Cook’s equity award value for 2022 was $75 million, while this calendar year it will be $40 million. However, he may still earn more than the expected amount, depending on Apple’s stock price.
The pay cut was proposed by Cook himself “in light of the feedback received”.
The company is still expected to launch a long-rumored mixed-reality headset, and the Project Titan car is still more wishful thinking than anything else. However, Cupertino is not letting go of any employees for now, unlike competitors Meta, Twitter and Amazon, which have announced layoffs.