In 2023, Apple’s CEO will take a 40% pay cut.
In 2023, Apple CEO Tim Cook will take a significant pay cut.
Apple released its proxy statement earlier today and announced that the company’s annual shareholders meeting will be held on March 10, 2023, at 9:00 AM PDT. As part of the proxy statement, the company also disclosed information about Tim Cook’s annual compensation.
In its filing with the SEC, the company disclosed “Mr. Cook’s projected total compensation for 2023 is $49 million, a reduction of over 40 percent from his projected total compensation for 2022. In future years, the Compensation Committee intends to position Mr. Cook’s annual target compensation between the 80th and 90th percentiles relative to our primary peer group, taking into account Apple’s relative size, scope, and performance.”
The Compensation Committee stated that it weighed “shareholder feedback, Apple’s exceptional performance, and Mr. Cook’s recommendation to adjust his compensation based on the feedback received.”
Therefore, even Tim Cook agreed that he should earn significantly less this year. Interesting.
Apple has many upcoming financial events
In addition to the upcoming annual shareholder meeting in March, Apple has also announced that it will disclose its earnings for the first quarter of 2023 during a conference call scheduled for Thursday, February 2, 2023. The call, which typically includes Apple CEO Tim Cook and CFO Luca Maestri, is currently scheduled to begin at 2:00 PM PT / 5:00 PM ET.
It is not surprising that Tim Cook’s compensation for 2023 was voted down. Similar to the rest of the technology industry, the share price and market capitalization of the company have suffered over the past year.
Investors are likely to express their concerns at the annual shareholder meeting of the company in March. We must observe how Cook and the executive team respond to pressure.
