Apple CEO Tim Cook is expected to earn significantly less in the current fiscal year. After criticism from shareholders and Cook’s own recommendation, fewer shares will be allocated to him, as Apple announced in documents for the general meeting in March.
In addition, their award will depend to a greater extent than before on the course of business. Cook’s base salary of $3 million remains unchanged.
For the fiscal year ended September 2022, Cook received total compensation of $99.4 million, according to filings released overnight. The bulk of it – almost 83 million dollars – made up the share package.
Bonus payments of $12 million were added to the base salary – as well as around $1.4 million that Apple spent on security measures and flights with a private jet prescribed by the board of directors.
Compensation of $49 million is now planned for the current financial year, of which $40 million will be in the form of shares. While the allocation of half of the shares previously depended on the course of business, it will now be 75 percent. The Board of Directors emphasized that the quota will remain at least as high in the years to come. Some large shareholders had called for a change in this direction.
