Apple to decrease CEO Tim Cook's Pay to $49Mln in 2023: SEC
CEO Tim Cook will be paid less in 2023, giving him a 40% decreased compensation.
Apple CEO Tim Cook will be paid $49 million in total compensation in 2023 at his request, the US Securities and Exchange Commission (SEC) announced on Friday, in light of an investor discount.
"The Compensation Committee balanced shareholder feedback, Apple’s exceptional performance, and a recommendation from Cook to adjust his compensation in light of the feedback received," the statement said.
According to the SEC’s document, Cook's total compensation for his work in 2023 will be $49 million, "a reduction of over 40% from his 2022 target total compensation".
Cook's total compensation in 2022 was $99.4 million, which included a $3 million salary, approximately $83 million in stock options, and $13.4 million in other benefits.
In 2021, Apple inc. listed revenue less than Wall Street expectations during its fourth quarter, namely due to disruptions in supply chains.