Despite the 40 percent pay cut, Tim Cook was praised by Apple’s Compensation Committee, saying the technology giant displayed ‘exceptional performance’ in 2022
For 2023, Tim Cook will receive $49 million as compensation for his services. The breakdown of his pay was not provided in Apple’s Proxy Statement spotted by MacRumors, which states the following details. Here is what we do know. Apple’s CEO received a $3 million salary, around $83 million in stock awards, and $13.4 million in other compensation forms in 2022, so not all of the $49 million will be monetary. Despite the 40 percent pay reduction for 2023, Apple’s Compensation Committee said that under Cook’s leadership, the company witnessed ‘exceptional performance.’ Additional information states that the CEO’s percentage of performance-based RSUs (Restricted Stock Unit) granted to Cook increased from 50 percent to 75 percent as part of his 2023 target equity award. With the economic outlook looking bleak, Apple may not enjoy the same influx of revenue that it did in previous years, so Cook might be taking the cut to endure some overall cost reductions. Apple will announce its next quarterly financial results in a few weeks, so we will have an idea of what to expect for the remainder of 2023. Stay tuned. News Source: Apple Proxy Statement 2023
