Apple CEO Tim Cook will take a substantial cut in his salary in 2023. Cook is expected to earn “only” $49 million in 2023, a substantial 40% cut from his 2022 earnings of $99.4 million. The pay cut is at Cook’s request.
The news comes from Apple’s latest filing with the US Securities and Exchange Commission. Apple is required to file with the SEC.
Apple’s Compensation Committee has announced changes to salaries and other earnings.
“The Compensation Committee balanced shareholder feedback, Apple’s exceptional performance, and a recommendation from Mr. Cook to adjust his compensation in light of the feedback received,” continues the filing.
“The Compensation Committee then approved the target annual compensation of our named executive officers for 2023,” it says, “including the following changes to CEO compensation, which Mr. Cook supported, and that the Compensation Committee believes are responsive to shareholder feedback, while continuing both to align pay with performance and to recognize Mr. Cook’s outstanding leadership.”
“[Overall] Mr. Cook’s 2023 target total compensation is $49 million, a reduction of over 40% from his 2022 target total compensation,” says the SEC filing.
Apple’s SEC filing also includes a note to shareholders from Cook, formally inviting them to the company’s annual shareholder meeting.
