An American multinational technology company, Apple Chief Executive Officer (CEO) Tim Cook will take a 40% pay cut in 2023.
The pay cut was based on the balance sheet feedback, Apple’s exceptional performance, and a recommendation. The current salary of Tim Cook was USD 49 million (Rs 3,98,75,71,000) in 2023.
Earlier, Tim Cook earned USD 99.4 million in 2022. The salary package includes USD 3 million in base salary, about USD 83 million in stock awards, and a bonus. In 2021 his previous salary was USD 98.7 million.
According to CNBC, “Based on these important conversations, we have made changes to the size and structure of Tim’s 2023 compensation,” the committee wrote.
“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 committee said.
As per the reports, Tim Cook’s package at Apple is $49 million in target compensation including the same $3 million salary and $6 million bonus as in 2022, as well as an equity award value of $40 million.
To further include in his equity award value in 2022 was $75 million. The total of his actual total compensation for 2023 could fluctuate depending on the company’s stock performance.