Apple (AAPL) chief executive officer (CEO) Tim Cook has requested and received a 40% pay cut following a shareholder vote on his annual compensation.
This year (2023), Cook will receive $49 million U.S. in total compensation from Apple, the company said in a filing with the U.S. Securities and Exchange Commission (SEC). The company also reduced the amount of stock Cook will receive if he retires before 2026.
In 2022, Cook earned just under $83 million U.S. in stock awards, $12 million U.S. in incentives, and $3 million U.S. in salary. He also received retirement plan contributions, a security detail, personal air travel, and $46,000 U.S. in vacation pay.
The change in Cook’s compensation comes after last year’s “say-on-pay vote,” in which 64% of Apple shareholders approved of Cook’s compensation, down from 95% that approved it a year earlier.
Executive compensation has come under increasing scrutiny from shareholders.
Still, Apple’s board of directors issued a written statement praising Cook’s performance, and said it has confidence in his vision for the consumer electronics giant.
Since Cook took over as Apple’s CEO in 2011, the company’s stock has returned 1,212% versus 290% for the S&P 500 index, Apple said.
Cook has received more than $1 billion U.S. of stock awards from Apple in the last decade. He has pledged to donate the majority of his personal fortune to charity.
Related Stories
