Tim Cook, The CEO of Apple, Will See a Significant Pay Cut in 2023 After Earning Around $100 Million in 2018

[{"selector":"#anim-2a48ce1f-063a-46fd-9acc-7a47bc733e37 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(0%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] BY JAMES SCOTT/ JAN 14, 2023 Learn more

[{"selector":"#anim-7028872f-5ce2-4477-9f96-b819f7298e3b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(8.440140184398498%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] The company's proxy statement, made public today, states that Tim Cook, the CEO of Apple, will receive a total salary of $99.4 million in 2022. Tim Cook

[{"selector":"#anim-3249ba0b-dc13-48d2-8feb-77fd88182378 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(8.440140184398498%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] He received a $3 million salary, over $83 million in stock awards, and an additional $13.4 million in pay. Cook received $98.7 million in total salary in 2021. Tim Cook

[{"selector":"#anim-1e8aa66d-486a-4402-ae5e-5cb9af6e752f [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(8.440140184398498%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] The document states that Cook's target salary for 2023 will be $49 million, which is more than 40% less than his target compensation for 2022, based on shareholder comments and Cook's proposal to alter his compensation in light of the feedback. Tim Cook

[{"selector":"#anim-41c08d8e-41d7-475f-b654-9c19e6ab4e12 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(8.440140184398498%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Despite the compensation drop, Apple's Compensation Committee stated that Cook, the company's CEO since 2011, had "excellent performance" in 2022. Tim Cook

[{"selector":"#anim-c75a8b05-ba0e-49c0-9297-3634c4eb661d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(8.440140184398498%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] According to the proxy statement, Cook's performance-based RSU grant was enhanced from 50% to 75% of his target equity award for 2023. Tim Cook

[{"selector":"#anim-f7247a6b-afe3-4f18-bd85-4b66037fc239 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(8.440140184398498%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] An excerpt from Cook's message to shareholders, which he shared ahead of Apple's annual shareholder meeting on March 10, is provided below: Tim Cook

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