Apple CEO Tim Cook will take a pay cut of almost half during 2023, going up to 40%. Thanks to a statement provided by Apple, yesterday announcing the holding of an annual meeting of Apple shareholders scheduled for March 10, 2023 at 9:00 AM PDT. In the same statement statement, a few details are also reported about the compensation that Tim Cook will have during 2023.
Apple CEO Tim Cook cuts salary by 40%
Through filing with the SEC, Apple mentions that the total salary payment that CEO Tim Cook receives during 2023 is 49 million dollars. This would mean a reduction that exceeds 40% in relation to your total target salary payment during the past year. Now, thinking about the development that the company has achieved in various ways, the Compensation Committee seeks to place Cook’s annual compensation “between the 80th and 90th percentiles relative to our main peer group for the next few years,” the statement indicates. .
The same Compensation Committee mentions that it seeks to have a balance between shareholder feedback, as well as the development of the company and CEO Cook’s salary with respect to total feedback. In this way, Tim Cook announced that he agrees to the cut in his annual compensation.
Apple and Tim Cook have multiple financial plans in 2023
Apple took the opportunity to release a few other details about its upcoming plans. As mentioned, the annual meeting of shareholders will take place during the month of March. Likewise, there will be an announcement with the results of the first quarter of 2023 during a conference call that will also take place on Thursday, February 2 of the current year. This will be the call that will define multiple financial plans for Apple.
This conference call also includes the attendance of Apple CEO Tim Cook as well as CFO Luca Maestri and is scheduled to take place at 14:00 PT/ 17:00 ET.
What is interesting is not really looking at how the Committee voted against keeping Tim Cook’s pay until 2023. Since the stock price and other issues related to the company were notably affected during 2022, as well as the general technology industry.
This annual meeting of shareholders that will take place during March will serve to indicate the main concerns of shareholders. However, it is also possible to wait to see the reaction and direction that Cook and the executives will take during this year.
