Apple CEO Tim Cook has requested a pay cut of 40 per cent, which will see is pay slashed to about $49 million in 2023. The iPhone maker big shot made the request after listening to what shareholders had to say about his compensation.
Apple will also reduce the number of restricted stock units he would receive for retiring before 2026.
In 2022, he received a compensation of $98 million from incentives, his salary, retirement plan contributions, security, personal air travel, and vacation expenses.
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The decision to cut his salary does not necessarily mean that the company’s board is unhappy with his performance at the helm. However, details from the meeting showed that only 64% of shareholders approved his old compensation in 2022, which was lower than the 95% that approved it for 2020.
As CNBC explains, Tim Cook’s compensation, minus is salary, depends on how Apple stock performs versus the S&P 500. Since he took reins in 2011, the company’s stock has continued to do well, which translates to him making more money every year until now.
According to an internet search, Tim Cook is worth $1.7 billion in 2023 and this could further rise when he receives the stock grant from Apple come 2025. His former grant from 2011 was worth $900 million by 2020.
Like Bill Gates and Jeff Bezos, he promised to give away all his wealth to charity as he is openly gay without any children.
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