Tim Cook dinner has the same opinion to an enormous pay lower | CNN Trade


Apple CEO Tim Cook advisable the corporate lower his pay this yr after shareholders rebelled.

The sector’s greatest tech corporate mentioned it could cut back Cook dinner’s goal pay package deal to $49 million, 40% less than his goal pay for 2022 and about part Cook dinner’s $99.4 million general reimbursement that he was once granted remaining yr.

Nearly all of Cook dinner’s 2022 reimbursement — about 75% — was once tied up in corporate stocks, with part of that depending on percentage value efficiency.

However shareholders voted towards Cook dinner’s pay package deal after Apple’s inventory fell just about 27% remaining yr. The vote is nonbinding, however the board’s reimbursement committee mentioned Cook dinner asked the aid.

“The reimbursement committee balanced shareholder comments, Apple’s remarkable efficiency, and a advice from Mr. Cook dinner to regulate his reimbursement in mild of the comments won,” the corporate mentioned in its annual proxy commentary launched Thursday.

This yr, the manager’s percentage award goal has been lower to $40 million. About $30 million, or three-quarters, of this is connected to percentage value efficiency.

Cook dinner’s base wage of $3 million will keep the similar, the corporate mentioned, in addition to a $6 million bonus.

The board mentioned it believes Cook dinner’s new pay package deal is “aware of shareholder comments, whilst proceeding each to align pay with efficiency and to acknowledge Mr. Cook dinner’s exceptional management.”

The tech boss, who has headed up Apple since 2011, is estimated to have a non-public wealth of $1.7 billion, in line with Forbes.

Apple’s percentage value, like other tech companies, plunged remaining yr as coronavirus lockdowns shuttered a few of its factories in China. Provide chain bottlenecks and fears {that a} international financial slowdown would crimp call for additionally dragged down its inventory.

In January remaining yr, the tech large turned into the primary publicly traded corporate to notch a $3 trillion market capitalization, but has has shed just about $1 billion of that price since.

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