Apple cut CEO Tim Cook’s salary by more than 40% to $49 million.
Apple CEO Tim Cook’s pay cut: Tim Cook, the CEO of Apple, the world’s most valuable company, was shocked in the new year. Apple cut CEO Tim Cook’s salary by more than 40% to $49 million. Because the manufacturer of the iPhone The company is Apple The shares fell significantly last year and due to this its market cap also declined. According to a Bloomberg report, Cook will receive 49 million dollars (about four billion rupees) this year. Cook himself requested the company to adjust his salary.
Let us tell you that Cook received $9.94 billion in the last year i.e. 2022. This includes $3 million in base salary, $83 million in stock awards and bonuses. Before that, in 2021, he received a total salary package of $9.87 million. Under the new arrangement, the percentage of stock units held by Tim Cook is increased from 50 percent to 75 percent. These stocks are related to Apple’s performance.
The company is recommended to reduce the package
The company says Cook’s new package was decided based on shareholder feedback, Apple’s performance and Cook’s recommendations. Cook’s package last year was criticized by many shareholders. However, last year most of the shareholders supported it. And last year, Cook’s equity award was worth $75 million. In 2023, his package could be more or less according to the performance of the company’s stock. Cook recommended the company reduce its package. Usually this is rarely seen. Cook received a $6 million bonus last year, while he received $40 million in equity award value.
Donation of property to charity
Cook, 62, has pledged to give away his wealth to charity. Apple shares have fallen 27 percent in the past year. The company’s share price has increased by 2.7 percent so far this year. Apple’s market cap is $2.122 trillion. Saudi Aramco is the second most valuable company in the world with a market cap of $1.883 trillion. Microsoft is third, Alphabet fourth, Amazon fifth, Berkshire Hathaway sixth, Visa seventh, Exxon Mobil eighth, UnitedHealth ninth and Johnson & Johnson tenth. India’s Most Valuable Company Reliance Industries is the 46th most valuable company in the world.
Apple’s shares fell
Apple also disclosed 2022 compensation for Chief Financial Officer Luca Maestri, General Counsel Kate Adams, Retail Deirdre O’Brien and Chief Operating Officer Jeff Williams. All of these executives were paid about $27 million in 2022, including salary, stock and bonuses, a slight increase from last year. The Cupertino, California-based tech giant also announced that its annual shareholder meeting will be held on March 10. Apple shares fell 27% last year, though that was a smaller decline than the tech-heavy Nasdaq Composite Index. Those shares are up 2.7% so far this year.