Apple boss Tim Cook dinner asks for 40% pay minimize after investor again…

Apple leader government Tim Cook dinner is to take a pay minimize of greater than 40% after shareholders became at the dimension of his awards ultimate yr.

The corporate mentioned he asked the transfer after fewer than two-thirds of Apple traders supported his pay bundle on the tech company’s annual assembly in 2022.

Regulatory filings on Thursday confirmed his elementary wage and bonus would stay the similar at $3m (£2.45m) and $6m (£4.9m), respectively.

However inventory bonuses would rely extra, in long term, on how neatly the iPhone maker’s stocks carry out relative to marketplace friends.

Mr Cook dinner’s repayment for Apple’s monetary yr to the tip of September 2022 was once $99.4m – up relatively at the earlier yr’s $98.7m.

The objective for 2023 was once set at a complete of $49m.

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That will most likely be accomplished, Apple mentioned, via inventory awards of round $40m, with $30m of the ones being tied to proportion value efficiency.

Most of the giant US tech corporations have noticed sharp share price falls during the last yr – connected to the inflation-led slowdown within the world financial system.

In Apple’s case, provide chain woes – specifically in China – have contributed to its decline.

A yr in the past, it was the primary US corporate to reach a $3trn marketplace worth but it surely these days stands at $2.1trn.

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