Apple CEO Tim Cook is taking a 40 percent pay cut in 2023
Tim Cook is getting paid around 40 percent lower than last year, according to the Apple has released — and the CEO himself recommended it. Apparently, during the tech giant's annual advisory meeting for shareholders in 2022, only 64 percent of the"Say on Pay" votes cast regarding the compensation proposals for executives was in favor of retaining their 2021 pay packages. While that's still majority of the votes, it represents a significant year-over-year decline in approval.
To decide this year's pay packages, Apple's Compensation Committee took into account the Say on Pay's voting results and Tim Cook's own recommendation"to adjust his compensation in light of feedback received." For 2023, Cook's target salary is $49 million, down $35 million from his target salary in 2022.
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