Tim cook’s earnings from Apple stock will be lower in 2023 than last year..
Tim’s new monthly target salary is $4,1 million, down from his previous target salary of $7 million per month.
Cook’s 2023 total target salary is $49 million, down $35 million from his target salary in 2022. His package consists of $3 million in base salary, $6 million in annual cash incentives, and $40 million in equity awards.
In its annual proxy statement released Thursday, the company said Cook had recommended Apple to “adjust his compensation in light of the feedback received” from shareholders.
Apple stated that its compensation committee took into account shareholder feedback and the company’s performance. The committee said that Cook’s agreed pay package is “responsive to shareholder feedback while continuing both to align pay with performance and to recognize Mr. Cook’s outstanding leadership.”
In the statement, Apple said that shareholders had pushed back on a previous proposal last year and had “consistently cited the size and structure of the 2021 and 2022 equity awards granted to Mr.Cook as the primary reason for their voting decision.”
According to Forbes, the Apple CEO is estimated to have a net worth of $1.7 billion. He has headed Apple since 2011.