London
Act Daily News
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Apple CEO Tim Cook really helpful the corporate lower his pay this 12 months after shareholders rebelled.
The world’s largest tech firm mentioned it could cut back Cook’s goal pay package deal to $49 million, 40% decrease than his goal pay for 2022 and about half Cook’s $99.4 million whole compensation that he was granted final 12 months.
The overwhelming majority of Cook’s 2022 compensation — about 75% — was tied up in firm shares, with half of that depending on share value efficiency.
But shareholders voted in opposition to Cook’s pay package deal after Apple’s inventory fell almost 27% final 12 months. The vote is nonbinding, however the board’s compensation committee mentioned Cook requested the discount.
“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,” the corporate mentioned in its annual proxy assertion launched Thursday.
This 12 months, the chief’s share award goal has been lower to $40 million. About $30 million, or three-quarters, of that’s linked to share value efficiency.
Cook’s base wage of $3 million will keep the identical, the corporate mentioned, in addition to a $6 million bonus.
The board mentioned it believes Cook’s new pay package deal is “responsive to shareholder feedback, while continuing both to align pay with performance and to recognize Mr. Cook’s outstanding leadership.”
The tech boss, who has headed up Apple since 2011, is estimated to have a private wealth of $1.7 billion, in line with Forbes.
Apple’s share value, like different tech corporations, plunged final 12 months as coronavirus lockdowns shuttered a few of its factories in China. Supply chain bottlenecks and fears {that a} world financial slowdown would crimp demand additionally dragged down its inventory.
In January final 12 months, the tech large grew to become the primary publicly traded firm to notch a $3 trillion market capitalization, but has has shed almost $1 billion of that worth since.