Apple boss Tim Cook will receive significantly lower remuneration this year in view of the current crisis caused by the Ukraine war, inflation and the aftermath of Corona. In 2023, this will drop to around 49 million US dollars, the group confirmed. Cook had previously earned just over 100 million in 2021 and 2022; In 2022 there was even something on top of that.
Apple is “led for the long term”
In addition to announcing lower earnings for Cook, the latter also released an open letter to shareholders as part of the most recent Proxy Statements by the Group to the US Securities and Exchange Commission. “Today’s Global Challenges […] “We’re doing this at a time for conscious and thoughtful action,” it said. Apple has always been run for the long term. “And that means we continue to be in innovation, in people, and in the positive changes we make in the world can, invest.”
Cook went on to say that Apple currently has the “strongest range of products and services that we have ever had” – although realistically speaking, the company is currently rather lame when it comes to new product deliveries. Recently, Apple had also not managed to produce enough iPhone 14 Pro and 14 Pro Max models. Shareholders had a rough final quarter, with Apple stock falling to an 18-month low.
Composition of Cook’s salary
Tim Cook received a total of $99.4 million in 2022. Of that, $3 million was his salary, about $13.4 million “other forms of compensation” (presumably including security staff costs and private jet travel) plus $83 million in the form of Apple stock (stock awards). The total sum is now almost halved – at least as projected. Apple’s Board of Directors Compensation Committee said Apple continued to deliver “an exceptional performance” in 2022 under Cook. Performance stock awards even increased by 25 percent.
However, Cook asked the board to adjust his salary. The reduction comes as a result of “balanced feedback from shareholders, Apple’s exceptional performance and a recommendation from Mr. Cook himself,” Apple said in its proxy statement. However, Apple had previously faced criticism over CEO pay. shareholder groups felt too little of the share allocation depended on Apple’s stock price. Apple’s next shareholder meeting is on March 10th. It will take place online.
(bsc)
