Apple has announced that the annual salary of its Chief Executive (CEO), Tim Cook, at the company will be reduced by about 40 percent.
Apple has announced that it will cut CEO Tim Cook’s salary by 40 percent this year.
Apple’s salary committee has set Cook’s 2023 “target income” at around $49 million, the BBC reported.
“The salary committee balanced the recommendation to reorganize Cook’s revenue with shareholder returns and Apple’s exceptional performance,” Apple said in a statement to the U.S. Securities and Exchange Commission (SEC).
It is stated that Cook, whose annual salary of 3 million dollars and bonuses up to 6 million dollars does not change, will decrease in income from company shares. Accordingly, for Cook, whose “target income” was 84 million dollars in 2022, this figure has dropped to about 49 million dollars, with a 40 percent discount this year.
DECREASE IN SHARES
Last year, Apple’s share value dropped by about 20 percent due to problems in the supply chain and the global economic contraction.
It is stated that Cook, upon criticism from the company’s shareholders, requested a 40 percent annual reduction in the income he received from the company.
According to Forbes magazine, the 62-year-old Cook’s personal assets amount to $1.7 billion.