Tim Cook offered Apple to lower his salary and deliberately lowered it. iPhone manufacturer Apple announced that this decision was not taken by the executives, but was requested by Tim Cook. So why did Tim Cook ask for a reduction in his salary and how much will he earn? Let’s take a look at the details of the news together.
Tim Cook cut his own salary by over 40 percent
As a result of criticism from Apple shareholders, Tim Cook went to reduce his own salary. The famous CEO had set his target earnings for 2022 as $84 million. But he earned a total of $99.4 million, with stocks and bonuses. In 2021, he earned a total of $99.7 million.
Cook set his target earnings for 2023 as $49 million. In other words, he deducted $35 million from his salary. Apple said its salary was adjusted based on shareholder returns, the company’s achievements in recent years, and Cook’s recommendation.
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Tim Cook will continue to earn an additional $6 million in bonus and $3 million in compensation, apart from his targeted $49 billion in compensation. In short, except for the compensation salary that the famous CEO wants to be reduced, his other earnings will remain the same in previous years. But on the other hand, depending on the success of the company with earnings, the unit of shares that will be given to the CEO will increase from 50 percent to 75 percent in the following years.
On the other hand, the biggest reason for this to happen was related to the shareholder meeting held in 2022. In the Say on Pay voting results at the shareholders meeting last year, 64 percent were in favor of preserving salaries. Although this seems like a high rate, it remains a very small amount compared to the votes made in previous years.
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