Tech giant Apple cuts Tim Cook’s 2023 pay by more than 40%

Apple disclosed in a regulatory filing on Jan 12 that it will reduce Cook’s target compensation to US$49mil (RM212.43mil) in 2023 from US$84mil (RM364.18mil) in 2022. — AFP

CUPERTINO, California: Technology giant Apple is cutting chief executive Tim Cook’s compensation by more than 40%, citing investor guidance and a request from Cook himself to adjust his pay.

The company disclosed in a regulatory filing on Jan 12 that it will reduce Cook’s target compensation to US$49mil (RM212.43mil) in 2023 from US$84mil (RM364.18mil) in 2022.

As part of the changes, the percentage of stock units awarded to Cook and tied to Apple’s performance will increase to 75% in 2023 from 50%, as well as in future years, the company said in the filing.

In 2022, Cook received total compensation of US$99.42mil (RM431.03mil), including base salary, stock grants and incentives, compared to the US$98.73mil (RM428.04mil) he received in 2021, and US$14.77mil (RM64.03mil) he got in 2020.

The total compensation received by Cook in 2022 includes US$3mil (RM13mil) as base salary, US$82.99mil (RM359.80mil) as stock awards, non-equity incentive plan compensation of US$12mil (RM52.02mil), and all other compensations of US$1.43mil (RM6.19mil). – dpa