Apple CEO Tim Cook, one of the highest paid chief executives in the world, agreed to take a 40 percent pay cut in 2023 after hearing shareholder feedback, according to the Apple’s annual proxy statement filed with the Securities and Exchange Commission Jan. 12.
At Apple’s annual advisory meeting in 2022, only 64 percent of “Say on Pay” votes cast were in favor of retaining Cook’s pay package, compared with 95 percent in 2021. “Say on Pay” is a corporate governance rule that gives shareholders the right to vote on the compensation plans of their companies’ highest-earning executives.
Apple’s Compensation Committee took into account the “Say on Pay” voting results and Cook’s own recommendation “to adjust his compensation in light of feedback received,” according to the proxy filing.
Cook’s 2023 target salary is $49 million, down $35 million from his target salary in 2022. His package consists of $3 million in base salary, $6 million in annual cash incentive, and $40 million in equity awards.
Cook earned $99.4 million in 2022, according to Bloomberg. That was $15.4 million more than his target salary for the year. Apple is the most valuable company in the world, worth $2.12 trillion.
