Investors Pushed Apple Inc. To Cut The Pay Package Of CEO Tim Cook To Over 40%

Cut The Pay Package Of CEO Tim Cook To Over 40%

Apple Inc. has accepted the request of its Chief Executive Officer Tim Cook to cut his compensation by more than 40% in 2023. He took this step after the company drew criticism from investor forums that Cook’s stock would continue to vest post-retirement.

HIGHLIGHTS

• Tim Cook’s compensation is reduced from $99.4 million to $49 million on his request and demand of investor forums
• Apple Inc. was under criticism from investor forums for rewarding Tim Cook with more stocks

How Much Compensation Was Tim Cook Drawing?

In 2021, Tim Cook’s total pay package was $98.7 million. But Apple Inc. raised his compensation to $99.4 million in 2022. It includes $3 million in base salary, about $83 million in stock awards, and a bonus.

Mr Cook will draw a package of $49 million including the $3 million salary and $6 million bonus, as well as an equity award value of $40 million. His equity award value in 2022 was $75 million. But how much Cook draws as compensation would base on the company’s stock performance.

Cut The Pay Package Of CEO Tim Cook To Over 40%

The 62-year-old CEO has pledged to give away his wealth to charitable causes.

The percentage of stock units awarded to Cook and tied to Apple’s performance would increase to 75% in 2023 from 50%, as well as in future years, said Apple Inc. in a regulatory filing Thursday.

The company said that his latest compensation was based on “balanced shareholder feedback, Apple’s exceptional performance, and a recommendation from Mr. Cook. The iPhone maker also plans to “position Mr. Cook’s annual target compensation between the 80th and 90th percentiles relative to their primary peer group for future years.

Why Were Investor Forums Criticizing Mr Cook’s Compensation?

Institutional Shareholder Services complained that Cook’s stock would continue … Read more

Tim Cook Speaks Up His Mind Over Elon Musk, Tesla, Parler App, And The Capitol Attack

Tim-Cook-Speaks-Up-His-Mind-Over-Elon-Musk

Tim Cook held a long talk with the New York Times “Sway” podcast where he spilled beans over the claim of Elon Musk selling Tesla to apple, blocking controversial Parler social media app, and much more.

Here’re excerpts of that interview….

Tim Cook has been worked in different capacities with Apple Inc. in his 23 years career. He remained CEO of the company for nearly a decade

On Elon Musk and Tesla

Tim Cook said that he thought that Tesla had done an unbelievable job of establishing and keeping the lead for a long time in the EV space. He didn’t give any hint on buying Tesla but said that they investigated many things internally and many of them never saw the light of day.

On removing Parler from the App store

Tim Cook said that that was a straightforward decision because the app weren’t adhering to the guidelines of the App Store. He said that one couldn’t incite violence or allow people to incite violence. He further said that he hoped that the app would come back.

On social media attack on the Capitol

Tim Cook said that he was deeply worried about the amplification of social media as a targeting tool to spread misinformation or extremist sentiments. For the Capitol attack, he said that it was the darkest day in their history.

On data theft

Tim Cook said that he was appalled by that and for that reason, they came out with things like a privacy nutrition label. He said that they would improve that over time.

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