CEO of Apple Tim Cook He recommended to the company to cut his salary this year after the shareholders revolted.
The world’s largest technology company said it would cut Cook’s salary target package to $49 million, 40% less than his 2022 salary target and about half of Cook’s total compensation of $99.4 million he earned last year.
The vast majority of Cook’s 2022 compensation — about 75% — has been tied up in company stock, with half of that dependent on share price performance.
But shareholders voted against Cook’s salary package after Apple’s stock fell nearly 27% last year. The vote is non-binding, but the Board’s Compensation Committee said Cook asked for the cut.
“The Compensation Committee weighed shareholder opinions, the exceptional performance of Apple, and a recommendation by Mr. Cook to adjust his pay in light of the comments received,” the company said in its annual proxy statement issued Thursday.
This year, the CEO share award goal was lowered to $40 million. About $30 million, or three-quarters, of that is related to share price performance.
The company said Cook’s base salary of $3 million will remain the same, along with a $6 million bonus.
The board said it believes Cook’s new salary package “responds to shareholder feedback, while continuing to align pay with performance and appreciating Mr. Cook’s outstanding leadership.”
The CTO, who has headed Apple since 2011, is estimated to have a personal fortune of $1.7 billion. Forbes.
apple stock price, Like other technology companies, slumped last year as coronavirus shutdowns shut down some of its factories in China. Supply chain bottlenecks and fears that the global economic slowdown will hamper demand also led to a decline in its inventory.
In January last year, the tech giant became the first publicly traded company to achieve A $3 trillion market capitalizationhowever it has lost nearly a billion dollars of that value since then.
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