Tim Cook Takes a $50 Million Pay Cut in 2023 Following Decrease in Support for Compensation

Today, Apple released its annual proxy statement for investors, which included information on CEO salaries, shareholder proposals, and other topics. Tim Cook himself urged that his payout be changed in light of criticism, therefore this year’s filing disclosed that he would get a hefty pay decrease in 2023. Tim Cook’s “target compensation of $49 million” in 2023, according to Apple’s filing from today, is a 40% decrease from his salary in 2022:

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.”

The Compensation Committee of Apple’s board of directors is in charge of matters like executive compensation. In today’s submission, Cook claimed that his pay package should be changed in response to suggestions made during the Compensation Committee’s “Say on Pay” poll and vote. Cook’s goal salary for 2022 was $84 million, but he earned roughly $99.4 million since a large portion of his income is performance-based and linked to Apple’s stock.

Apple will Also Conduct its 2023 Investor Meeting on March 10

Apple sent an invitation to its investors on Thursday for the March 10 virtual rather than in-person 2023 Annual Meeting. The meeting used to take place at the Steve Jobs Theater, however, Apple altered this in recent years as a result of the COVID-19 epidemic.

Shareholders must register to attend the conference on March 10, 2023, at 9:00 AM PT even though it will be held online. However, this year’s event will be hosted online for unknown reasons, according to the firm. Due to COVID-19, there was a disclaimer in 2022 regarding offering a “safe experience for our shareholders and employees.”

We are pleased to welcome shareholders to the 2023 Annual Meeting, to be held virtually on March 10, 2023, at 9:00 A.M. Pacific Time.

Your vote is important to us. Even if you plan on attending the Annual Meeting, we encourage you to vote your shares in advance to ensure that your vote will be represented at the Annual Meeting. To vote in advance online, visit proxyvote.com and enter the control number included in your Notice of Internet Availability of Proxy Materials, or, if you requested printed copies of the proxy materials, you may vote by phone or by mail.” 

It should be noted that the voting at the meeting will only be open to individuals who were already Apple shareholders on January 9, 2023. For those who are not acquainted, the Annual Investors Meeting is a reliable predictor of Apple’s future priorities. The conference in 2021 had some information on Apple’s reaction to COVID-19, the possibility of App Store rules, Apple’s political donations, and more.

ABOUT THE AUTHOR

Muhammad Zuhair


Passionate about technology and gaming content, Zuhair focuses on analysing information and then presenting it to the audience.
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