Apple CEO Tim Cook Cuts His Own Salary

There has been a remarkable development regarding Tim Cook, the CEO of the US-based technology giant Apple. Cook will receive a lower salary in 2023 on his own recommendation. Yes, Tim Cook has cut Tim Cook’s salary.

Cook’s target earnings in 2022 were $84 million. The amount to be valid for 2023 is will be $49 million. So Tim Cook has cut his own salary by more than 40 percent. In Cook’s annual base salary of $3 million and incentive bonus of $6 million, there was no there will be no change.

Still can earn more!

The decision taken at Apple has officially reduced Tim Cook’s salary. However, there is something different at this point. Tim Cook on paper the amount written on can also generate profits. This will depend entirely on Apple’s annual earnings. In fact, according to Apple’s records, Tim Cook will instead of $ 84 million in 2022. $99.4 million had profited. The reason is that Tim Cook receives a salary in Apple stock in addition to his cash salary.

So why did Tim Cook recommend lowering his salary?

CEOs of technology giants such as Tim Cook and Elon Musk receive an ‘award’ bonus if the company meets the set targets in addition to their fixed salaries. More importantly, these bonuses determine the actual wages these tech bosses will receive, as in the case of Tim Cook, the fixed salary is around $9 million, while the bonuses can reach $70 million.

As a matter of fact, Tim Cook’s recommendation was based on the feedback from the shareholders. In the statement made by Apple’s finance committee on the subject, “Shareholder feedback, Apple’s outstanding success, and other feedback, with Tim Cook’s advice balanced.‘ expressions were used.

It should also be noted that CEO salaries are not dusty for the first time. Earlier, Elon Musk faced a $50 billion lawsuit on a similar issue: