{"id":28514,"date":"2023-01-13T09:05:12","date_gmt":"2023-01-13T09:05:12","guid":{"rendered":"https:\/\/forum.sbenny.com\/blog\/technology\/smartphones\/smartphone-news\/apple-ceo-tim-cook-to-take-35-million-pay-cut-in-2023\/"},"modified":"2023-01-13T09:05:12","modified_gmt":"2023-01-13T09:05:12","slug":"apple-ceo-tim-cook-to-take-35-million-pay-cut-in-2023","status":"publish","type":"post","link":"https:\/\/forum.sbenny.com\/blog\/technology\/smartphones\/smartphone-news\/apple-ceo-tim-cook-to-take-35-million-pay-cut-in-2023\/","title":{"rendered":"Apple CEO Tim Cook to take $35 million pay cut in 2023"},"content":{"rendered":"


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Apple released its proxy to its 2023 Annual Shareholders’ Meeting, and the 113-page report reveals CEO Tim Cook will get a pay cut in 2023. It’s up to $35 million: The top executive will earn $49 million, down compared to $84 million last year.<\/p>\n

His $3 million base salary and $6 million annual cash bonus remain unchanged, with the large difference resulting from an adjustment in the value of his stock award. Cupertino’s other four top executives received no pay cuts or incentives.<\/p>\n

\"Tim
\nTim Cook at the launch of the iPhone 14 series. Image source: Chirping<\/a><\/strong><\/span><\/p>\n

The value of Tim Cook’s stock award for 2022 was $75 million, while this calendar year it will be $40 million. However, he could still earn more than the expected amount, depending on Apple’s stock price.<\/p>\n

The salary cut was suggested by Cook himself “in the light of the feedback received”.<\/p>\n

The company is yet to launch a long-rumored mixed reality headset, and the Project Titan car is still wishful thinking more than anything. Cupertino is not letting go of any employees for now, unlike competitors Meta, Twitter and Amazon, which have announced layoffs.<\/p>\n<\/div>\n