Last Updated: January 13, 2023, 11:30 AM IST
Apple cut the compensation citing investor guidance and a request from CEO Tim Cook himself to adjust his pay. (Photo: Reuters)
Tim Cook’s stock units tied to Apple’s performance will increase to 75 per cent in 2023 from 50 per cent
Apple Inc is reducing Its CEO Tim Cook’s compensation by over 40 per cent to $49 million in 2023, citing investor guidance and a request from Cook himself to adjust his pay, according to a Bloomberg report. It, however, added that Cook’s stock units tied to Apple’s performance will increase to 75 per cent in 2023 from 50 per cent, according to a regulatory filing by the iPhone maker.
For 2022, Cook received compensation of $99.4 million, including $3 million in base salary, about $83 million in stock awards and a bonus. That was up slightly from 2021, when his total pay package was $98.7 million, according to the Bloomberg report.
Cook’s latest pay was based on “balanced shareholder feedback, Apple’s exceptional performance and a recommendation from Mr. Cook”, Apple said in the filing. It is also planning to “position Mr. Cook’s annual target compensation between the 80th and 90th percentiles relative to our primary peer group for future years”.
Apple also disclosed 2022 compensation for CFO Luca Maestri, General Counsel Kate Adams, retail chief Deirdre O’Brien and Chief Operating Officer Jeff Williams. Those executives were all paid about $27 million — including salary, stock and a bonus — in 2022, slight increases from the previous year.
Cook got about $100 million in compensation during 2021 — $98.73 million, to be exact. Apple CEO Tim Cook joined the billionaire club a full decade after he succeeded Steve Jobs as the chief executive of the world’s most valuable tech company.
Apple is planning to increase manufacturing in India amid COVID-19-related supply chain issues in China. iPhone manufacturer Foxconn is also building hostels for about 60,000 employees near its manufacturing plant in Chennai to boost the production of Apple devices, according to recent reports.
The Yamuna Expressway Industrial Development Authority (YEIDA) has said some Apple suppliers have applied for land with the authority, with a proposed investment of Rs 2,800 crore while generating thousands of jobs.
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