The pay of large tech CEOs isn’t exactly a well-guarded secret. Most large corporations file regulatory filings for their shareholders and investors, in which certain information, including the CEO of Apple salary, comes out public. Apple has released its annual proxy statement for investors, revealing that CEO Tim Cook will take a compensation reduction.
CEO of Apple salary in 2022
According to Apple, CEO of Apple salary package in 2022 will be about $99.4 million. This includes $3 million in salary, about $83 million in stock awards, and the remaining $13.4 million in supplementary compensation.
CEO of Apple salary in 2022
The Compensation Committee exists on Apple’s board of directors. The Compensation Committee met with the Board and its independent compensation consultant to discuss a variety of issues, including Mr. Cook’s outstanding leadership, the enormous scope and complexity of his role as Apple’s CEO, the Board’s confidence in his long-term strategic decisions, the Company’s exceptional financial results delivered in 2021, shareholder feedback, and the value of his prior equity awards versus the value of his current outstanding equity award.
Is Apple’s CEO accepting a ‘pay cut’?
Cook’s stock value award will reduce from $75 million to $40 million in 2023. Apple’s board of directors stated that Cook advocated adjusting his payout. The Salary Committee considered shareholder comments, Apple’s outstanding performance, and Mr. Cook’s suggestion to modify his compensation in light of the feedback received. Cook’s salary objective for 2023 is now $49 million, which is 40% less than in 2022.
Cook’s stock value award will reduce from $75 million to $40 million in 2023
Cook stated in a letter to shareholders that there will be challenges ahead. The global difficulties go from inflation to war in Eastern Europe to the long-term effects of the epidemic. That necessitates careful and determined response. But this is not the time to turn away from the future. We’ve always operated Apple for the long term, which involves continuing to invest in innovation, people, and the great impact we can have on the world.
The board of Apple commended Cook’s work and expressed confidence in the CEO’s long-term strategic choices.
Institutional shareholders have recently increased their pressure on executive salaries. At Apple’s annual meeting the year before, Institutional Shareholder Services advised shareholders for the CEO of Apple salary.
Highlights about Apple CEO Tim Cook
Tim Cook is the CEO of Apple, one of the world’s largest corporations. Cook has developed the firm into a multi-trillion-dollar giant since taking over in 2011. And Apple shares have grown 1000% during his tenure.
Cook has developed the firm into a multi-trillion-dollar giant since taking over in 2011
- Since 2011, Tim Cook has served as the CEO of Apple.
- Cook was born and raised in Alabama, where he subsequently received his industrial engineering degree from Auburn University and his MBA from Duke University.
- Cook served as a chief operating officer before becoming CEO and Steve Jobs’ successor. He has contributed boosting profitability and building intricate worldwide supply systems.
- Apple has expanded to become a multi-trillion dollar firm under Cook’s leadership, introduced the Apple Watch and AirPods, and integrated the M1 processor.
Steve Jobs, the creator of Apple, was known as the visionary. Whereas, Cook is renowned for generating high profit margins and designing intricate, international supply systems. Apple’s revenues and profitability have doubled since 2011, bringing a steep climb for the CEO of Apple salary as well.
