Apple CEO Tim Cook voluntarily took a 40% pay cut this year in response to shareholder backlash over his 2022 pay, but don’t feel too sorry for him.
, which amounted to more than 1,447 times the median wage of a company employee.
Apple shareholders expressed “concern over the amount of Mr. Cook’s total target compensation due to the size of his 2021 and 2022 equity awards,” the SEC filing stated. Time Cook, who has an estimated net worth of $1.7 billion, will earn $49 million in 2023 compensation, according to SEC filings.Last year, 50% of Cook’s vesting shares were tied to the performance of Apple stock. This year, that figure will rise to 75%, according to the SEC filing.has not spared the $2.13 trillion companyInvestors have still been rewarded in the more than 10 years since Cook took over the CEO role from the late visionary co-founder Steve Jobs.
In 2023, the Apple boss will earn a base salary of $3 million, $6 million in cash incentives, and $40 million in equity awards, according to the SEC filing.
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