The CEO of Apple will earn 40% this year. less. However, he does not have to worry if it will be enough for the “first”

Running the richest technology company in the world involves not only a generous paycheck, but also a lot of responsibility. And since last year was rather weak for Apple, Tim Cook will earn less in the next twelve months. Still, we’re talking about millions of dollars.

Tim Cook will get 40 percent. less salary

that the Company’s Compensation Committee decided to cut CEO Tim Cook’s pay. The head of the world’s largest technology company will earn as much as 40 percent in 2023. less than in 2022. The decision was also based on the votes of shareholders, who lost a lot last year when the valuation of the Silicon Valley giant’s shares fell sharply.

At the last shareholder meeting, only 64 percent of them were in favor of keeping the current salaries for Apple executives. This is a huge drop, because a year earlier the support was as much as 94.9 percent. Given the declining enthusiasm of shareholders, Tik Cook himself proposed to reduce his remuneration.

However, the CEO of Apple will still earn a lot. His base salary – $3 million a year – remained the same. So is the $6 million guaranteed bonus. However, the largest part of the head of the company’s salary is counted in shares and allowances. Cook can get the equivalent of about $40 million in them, which is a significant drop from $75 million in 2022.

However, the addition in the form of company shares will be 75 percent. dependent on whether Apple achieves its goals. This is another change, because in 2022 only half of the shares that Cook could get depended on the implementation of assumptions. The total planned remuneration for the position of CEO of Apple will therefore amount to USD 49 million.

Tim Cook has been earning a fortune in recent years

In 2022, Cook was supposed to earn $84 million, but due to stock awards and additional bonuses worth as much as $15.4 million, the Apple CEO – according to – earned a total of $99.4 million. In 2021, Cook also could not complain about his salary, because he earned about $ 98.7 million.

Although Tim Cook himself recommended a reduction in his salary, he is unlikely to have to worry about the lack of funds in the account. Especially since some of his expenses are covered by Apple. In 2022, over 591,000 dollars to protect his boss, and over 767 thousand. dollars cost Cook to travel on his private plane.

2022 turned out to be very painful for almost all large technology companies, especially the largest ones. Apple and Amazon turned out to be the biggest losers as the valuation of both companies fell by more than $800 million in that time. Currently, Apple’s capitalization is about $ 2.1 trillion, but in January 2022, Apple was briefly valued at over $ 3 trillion.