Apple is cutting CEO Tim Cook’s compensation by more than 40% to $49 million in 2023, citing investor guidance and a request from Cook himself to adjust his pay, reports Bloomberg.
Here’s the breakdown of he’ll be paid this year, equaling out to a total compensation target of $49 million (down from the $84 million target of 2022):
- Base salary: $3 million (No change)
- Annual Cash Incentive: $6 million (No change)
- Equity Award Value: $40 million
- Down from $75 million in 2022
- In 2022: 50% performance-based vesting and 50% time-based vesting
- In 2023: 75% performance-based vesting and 25% time-based vesting
As noted by 9to5Mac, ook’s target compensation was $84 million for 2022, but he actually made around $99.4 million given that much of his compensation is performance-based and tied to Apple’s stock.
