Apple CEO Tim Cook’s pay will fall by more than 40 percent this year, according to an Apple statement.
A filing statement released ahead of the company’s AGM said Mr Cook would receive $49 million in “total compensation”. This was instead of the US$99.4 million he received a year ago.
Apple sales of its hardware headed downwards last year. Its earnings report for its third quarter, ending July 1 last year, reported that iPhone sales had fallen 2.4 percent in Q3/2022.
However Apple recorded a record revenue of US$21.2 billion from subscription services: Apple TV, Apple Music, cloud services, games and the App Store softened the blow.
feedback received,” the filing statement said.
It said that in future years, Mr Cook’s target compensation would be between 80 to 90 percent of “our primary peer group”.
It announced a major shift to paying a larger proportion of Mr Cook’s compensation as shares aka “restricted stock units”, or RSUs.
“The portion of performance-based RSUs granted to Mr. Cook was increased from 50 percent to 75 percent of his 2023 target equity award and the portion of his performance-based RSUs will be at least 75 percent of his target equity awards for future years.
“The Board believes that evaluating the executive team’s management of the risks confronting Apple is one of its most important areas of oversight,” the statement says.
