{"id":36844,"date":"2023-01-13T19:05:29","date_gmt":"2023-01-13T18:05:29","guid":{"rendered":"https:\/\/www.apfelpatient.de\/?p=36844"},"modified":"2023-01-13T19:05:30","modified_gmt":"2023-01-13T18:05:30","slug":"tim-cook-cuts-his-salary-for-2023-at-his-own-request","status":"publish","type":"post","link":"https:\/\/www.apfelpatient.de\/en\/news\/tim-cook-kuerzt-auf-eigenen-wunsch-sein-gehalt-fuer-2023","title":{"rendered":"Tim Cook cuts his salary for 2023 at his own request"},"content":{"rendered":"

Apple released its annual proxy statement to investors today, revealing a number of details about executive compensation, shareholder proposals, and more. Now it has been revealed that Tim Cook will take a significant pay cut in 2023 after he himself suggested that his compensation should be adjusted based on feedback.<\/strong><\/p>\n\n\n\n

In today\u2019s report explained<\/a> Apple said Tim Cook will receive \u201ctarget compensation of $49 million\u201d in 2023, a decrease of about 40 percent from his 2022 salary:<\/p>\n\n\n\n

\n

Mr. Cook's target total compensation for 2023 is $49 million, a decrease of over $40 million from his target total compensation for 2022. In addition, taking into account Apple's comparable size, reach, and performance, the Compensation Committee intends to increase Mr. Cook's annual target compensation between his 80th and 90th years of service.<\/p>\n<\/blockquote>\n\n\n\n

Why Tim Cook has to accept a $50 million pay cut<\/h3>\n\n\n\n

Apple's board of directors has a compensation committee that oversees executive pay, among other things. According to today's report, Cook himself recommended adjusting his compensation structure based on feedback he received from the compensation committee's "Say on Pay" survey and vote.<\/p>\n\n\n\n

\n

The Compensation Committee evaluates and decides on compensation before the start of each fiscal year. The results of the 2022 Say-on-Pay vote resulted in broader shareholder participation in executive compensation in 2022, which held approximately 53% of institutional shares. The Compensation Committee considered shareholder feedback, Apple's exceptional performance, and Mr. Cook's recommendation to adjust his compensation in light of the feedback received.<\/p>\n<\/blockquote>\n\n\n\n

Essentially, the results of the 2022 Say on Pay vote showed that support for Apple executive compensation in 2021 had declined significantly compared to previous years. In 2021, Tim Cook received total compensation of approximately $98 million. Sixty-four percent of votes cast at next year's shareholder meeting were in favor of the compensation paid to executives in 2021. The result of that vote was a "notable decline" from last year, when 94.9% of shareholders surveyed supported the executive compensation proposal. In light of this, the Compensation Committee - with the support of Tim Cook - has set out to gather further feedback and consider changes to executive compensation in 2023.<\/p>\n\n\n\n

Tim Cook's total compensation target in 2023<\/h3>\n\n\n\n
\n

After considering shareholder feedback, the desire to continue to provide meaningful performance and retention incentives, and Mr. Cook's support for changes to his compensation that reflect the feedback received, the Compensation Committee maintained the cash components of Mr. Cook's compensation for 2023 and reduced the target value of his equity awards.<\/p>\n<\/blockquote>\n\n\n\n

With these changes for 2023, Tim Cook's compensation breakdown in 2023 is as follows, resulting in a total compensation target of $49 million (up from $84 million in 2022):<\/p>\n\n\n\n