Apple CEO Tim Cook loses $35 million
Things might be going well for Apple with the iPhone 14 series but it looks like the CEO might have to get a pay cut.
113-page proxy filing that Apple posted for the 2023 Annual Meeting of Shareholders revealed some interesting news about the CEO. The tech giant has had a successful launch with 14 series, especially with the Pro model but the recent reports reveals that CEO Tim Cook will receive a salary cut in 2023. The top executive will receive $49 million, down from $84 million last year, which is equivalent to $35 million.
Apple CEO Tim Cook loses $35 million
Reports show that his base salary of $3 million and annual cash incentive of $6 million have not changed, but a change in the value of his equity award has made a significant difference. There was no reduction in the incentives or salaries of the other four senior executive officers at Cupertino.
Tim Cook's equity award for 2022 was worth $75 million, while it will be worth $40 million this year. However, based on Apple's stock price, he may still earn more than anticipated. "In light of the feedback received," Cook himself suggested the pay cut.
The company is expected to launch their mixed-reality headset which is highly anticipated for a while now. On the other hand there are no official statements about Apple car as for now.
