Apple has submitted a proxy statement at its 2023 annual shareholder meeting, and a 113-page report reveals that CEO Tim Cook will take a pay cut in 2023. This puts him up to $35 million. Year.
His base salary of $3 million and annual cash incentives of $6 million remain unchanged, with the major difference being an adjustment to stock incentives. His four other senior management positions in Cupertino received no salary or incentive cuts.
Tim Cook at the launch of the iPhone 14 series. Image source: twitter
Tim Cook’s stock award in 2022 was $75 million and will be $40 million this year. However, depending on Apple’s stock price, it could also make more money than expected.
The pay cut was suggested by Cook himself “in light of the feedback received.”
The company is set to launch its long-rumored mixed reality headset, and the Project Titan car remains wishful thinking above all else. However, unlike his competitors Meta, Twitter and Amazon, which have announced layoffs, Cupertino has not laid off any employees so far.
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