Apple will reduce the compensation that Tim Cook will receive in 2023. In accordance with Bloombergthe CEO of the technology will receive 49 million dollars for salary, stock awards and a bonus. The decision comes after a recommendation from Apple shareholders, as well as at the request of Cook himself.
In a document Submitted to the US Securities and Exchange Commission (SEC), Apple indicated that it is committed to an effective compensation program that incorporates sound policies and best practices.
The Compensation Committee balanced shareholder feedback, Apple’s exceptional performance, and a recommendation from Mr. Cook to adjust his compensation in light of the feedback received.
Given Apple’s comparative size, scope, and performance, the Compensation Committee also intends to position Mr. Cook’s annual compensation in the 80th to 90th percentile relative to our major peer group for future years. .
Tim Cook’s income will have a drastic reduction if we compare them with previous years. Executive Director got nearly $100 million in compensation in 2022, while in 2021, Apple paid him 98.7 million. According to the document, Cook would have requested a reduction in the perceptions of him, based on the comments of shareholders and on exceptional company performance.
Another important change has to do with the award of shares (RSU). According to the document, the percentage of RSUs based on performance will increase from 50% to 75% in 2023, as well as in future years. The latter has drawn criticism from some shareholder advisers, who mention that Tim Cook will continue to receive performance shares after his retirement.
Tim Cook is no longer in the Top 10 highest-paid CEOs
Apple’s CEO, who a decade ago he was the highest paidnow is in 13th place on the list of CEOs with the highest compensation. According to balance, the first place goes to Jeff Green, director of the company The Trade Desk, who received almost 835 million dollars. The Top 10 includes names like David Zaslav (Warner Bros.), Andrew Jassy (Amazon) and Patrick Geslinger (Intel), the latter with a total bonus of $177.9 million.
The CEO of Apple seems determined to move away from the million-dollar packages of shares awarded by companies. Tim Cook stated a few years ago that he would donate his entire fortune to charity after paying for his nephew’s university. The head of one of the most valuable companies in the world would join other personalities such as Bill Gates or Mark Zuckerberg, who have given his money to charity.
“You want to be the rock in the pond that creates the ripples for change,” Cook said in an interview with fortune in 2015. The Apple CEO said it’s not just about writing checks, but developing a more systematic approach to philanthropy. in 2021 donated a million dollars to the LGBTI+ organization Encircle.
In accordance with Forbes Tim Cook’s fortune rises to 1.7 billion dollars in 2023. The list of millionaires is headed by Bernard Arnault, the president of the LVMH group, who recently took first place from Elon Musk after the owner of Twitter broke the Guinness record of the greatest loss of personal fortune in history.
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Tim Cook will receive less money from Apple in 2023