In 2023, Tim Cook will take quite a large amount of pay cut as reported by Mark Gurman of Bloomberg. This is based on Shareholders’ feedback and recommendations from Tim himself. The recommendations and feedbacks request that Tim Cook will adjust his compensations.
The filing has indicated a new compensation target for the year 2023. In light of this, Tim’s target compensation will be $49 million. This means that Tim’s compensation for this year will be over %40 less than his compensation in 2022.
The cut down in compensation does not mean the Cupertino company ran at a lost the previous year. According to the compensation committee of Apple, the company performed exceptionally well in 2022. All under the leadership of the sitting CEO Tim Cook.
The proxy statement also states that the percentage of the performance-base RSUs that was given to Cook is increased from 50% to 75% of his 2023 target equity award.
Apple will be holding an annual shareholders meeting in March. And Cook has shared a message to shareholders ahead of the meeting. The content of the message reflects on the past year. Check out the excerpt of the message below.
“The global challenges with us all today. From inflation, to war in Eastern Europe, to the enduring impacts of the pandemic.
Make this a time for deliberate and thoughtful action. But it is not a time to retreat from the future. We’ve always run Apple for the long-term. And that means continuing to invest in innovation, in people, and in the positive difference we can make in the world.
Today, we have the strongest lineup of products and services we’ve ever had. And our technology has never shown up for our users in more ways. And our latest innovations are helping so many of us harness our creativity. Connect with loved ones, find entertainment and joy, and live safer, healthier lives.”