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Tim Cook to take a huge pay cut in 2023; Find details
CEO Tim Cook
Apple, the Cupertino-based tech giant, has yet to announce mass layoffs; instead, CEO Tim Cook is taking a big pay cut.
Tech giants like Meta, Google, Twitter and many more have laid off thousands of employees in recent months. There are very selective technology companies that have not yet opted for layoffs, including Apple. The Cupertino-based tech giant has yet to announce any mass layoffs, instead CEO Tim Cook is taking a big pay cut.
Earlier this month, there were reports that Cook took a pay cut. Shareholders in the annual meeting have officially confirmed that about Cook's pay cut. The proxy statement filed by Apple disclosed that Cook's target compensation in 2023 will be $49 million in 2023, which is about 40 percent less than what Apple's CEO earned in 2022.
Apple noted in the proxy statement filing, "Mr Cook's 2023 target total compensation is $49 million, a reduction of over 40% from his 2022 target total compensation. Taking into consideration Apple's comparative size, scope, and performance, the Compensation Committee also intends to position Mr Cook's annual target compensation between the 80th and 90th percentiles relative to our primary peer group for future years."
It is said that Mr Cook himself recommended the pay cut to the Compensation Committee at Apple. "The results of 2022 Say on Pay advisory vote led to broader shareholder engagement on executive compensation in 2022 of approximately 53% of institutional shares held. The Compensation Committee balanced shareholder feedback, Apple's exceptional performance, and a recommendation from Mr Cook to adjust his compensation in light of the feedback received," Apple further noted.
For those who don't know, Cook had a target compensation of $84 million in 2022. In 2023, the $49 million compensation will include a base salary of $3 million and an annual cash incentive of $6 million. In addition, Cook will also get a $40 million equity award value, which was $75 million in 2022.
Well, apart from Cook, Google CEO Sundar Pichai is also said to be taking a massive pay cut after laying off several employees. During a recent town hall, Sundar Pichai announced that all positions above the "senior vice president" level would see a significant reduction in his annual bonus. Although he did not specify his salary reduction, the statement clearly hints that Pichai will also reduce his salary.
