Technology large Apple is chopping chief government Tim Cook’s compensation by greater than 40%, citing investor steerage and a request from Cook himself to regulate his pay.
The firm disclosed in a regulatory submitting on Thursday that it’s going to cut back Cook’s goal compensation to $49 million in 2023 from $84 million in 2022.
As a part of the modifications, the share of inventory items awarded to Cook and tied to Apple’s efficiency will improve to 75% in 2023 from 50%, in addition to in future years, the corporate stated within the submitting.
In 2022, Cook acquired complete compensation of $99.42 million, together with base wage, inventory grants and incentives, in comparison with the $98.73 million he acquired in 2021, and $14.77 million he received in 2020.
The complete compensation acquired by Cook in 2022 consists of $3 million as base wage, $82.99 million as inventory awards, non-equity incentive plan compensation of $12 million, and all different compensations of $1.43 million.
