Apple will cut compensation that Tim Cook will receive in 2023. In accordance with bloombergtechnology general manager will receive $49 million for salaries, promotions and bonuses. The decision was made after the recommendation of Apple shareholders, as well as at the request of Cook himself.
In a filing with the US Securities and Exchange Commission (SEC), Apple indicated that it is committed to an effective compensation program that includes sound policies and best practices.
The Compensation Committee weighed in on shareholder feedback, Apple’s exceptional performance, and Mr. Cook’s recommendation to adjust his compensation in light of the feedback received.
Given the relative size, reach and performance of Apple, the Compensation Committee also intends to place Mr. Cook’s annual compensation in the 80th to 90th percentile range compared to our main competitor group for future years.
Tim Cook’s earnings will drop sharply when compared to previous years. Executive Director received nearly $100 million in compensation in 2022, and in 2021, Apple paid him 98.7 million. According to the document, Cook would have demanded a cut in his profits based on shareholder comments and the company’s exceptional performance.
Another important change concerns the award of shares (RSU). According to the document, the percentage of RSU by productivity will increase from 50% to 75% in 2023 and beyond. The latter has drawn criticism from some shareholder advisors who say Tim Cook will continue to receive shares after he retires.
Tim Cook is no longer in the top 10 highest paid executives
The Apple CEO who was the highest paid ten years ago is now Ranked 13th on the list of highest paid executives. According to balance, first place goes to Jeff Green, director of The Trade Desk, who received nearly $835 million. The top 10 includes names such as David Zaslav (Warner Bros.), Andrew Jassi (Amazon) and Patrick Geslinger (Intel), the latter with a total bonus of $177.9 million.
Apple’s CEO appears determined to ditch million-dollar shareholdings awarded by companies. Tim Cook stated a few years ago that he would donate his entire fortune to charity, paying for his nephew’s university. The head of one of the most valuable companies in the world would join other individuals like Bill Gates or Mark Zuckerberg in donating their money to charity.
“You want to be the rock in the pond that creates ripples for change,” Cook told the publication. luck in 2015. Apple’s CEO said it’s not just about writing checks, but developing a more systematic approach to philanthropy. In 2021, he donated a million dollars to the LGBTI+ organization Encircle.
In accordance with Forbes Tim Cook’s net worth will rise to $1.7 billion in 2023. The list of millionaires is topped by Bernard Arnault, president of the LVMH group, who recently lost first place to Elon Musk after the owner of Twitter broke the Guinness record for the largest loss of personal wealth in history.
Source: Hiper Textual
I am Bret Jackson, a professional journalist and author for Gadget Onus, where I specialize in writing about the gaming industry. With over 6 years of experience in my field, I have built up an extensive portfolio that ranges from reviews to interviews with top figures within the industry. My work has been featured on various news sites, providing readers with insightful analysis regarding the current state of gaming culture.