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Apple CEO Tim Cook requests and receives a 40% pay cut after shareholder vote



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Tim Cook, chief executive officer of Apple Inc., speaks during a “First Tool-In” ceremony at the TSMC facility under construction in Phoenix, Arizona, on Tuesday, Dec. 6, 2022.Caitlin O’Hara | Bloomberg | Getty ImagesApple CEO Tim Cook will receive a pay cut in 2023 to $49 million in total compensation, the company said in a filing with the SEC.Cook requested the change, Apple said in the filing, following a shareholder vote on his pay package. The company also reduced the number of restricted stock units Cook would receive if he retires before 2026.related investing news In 2022, Cook made just under $83 million in stock awards, $12 million in incentives, and $3 million in salary. He also got benefits including retirement plan contributions, security, personal air travel, and over $46,000 in vacation cash-out.Apple’s compensation committee said that it made the change in response to last year’s say-on-pay vote, in which 64% of shareholders approved of Cook’s compensation, down from 95% that approved it for Apple’s 2020 fiscal year.Still, Apple’s board praised Cook’s performance, and said it has confidence in the CEO’s long-term strategic decisions.Executive compensation has come under increasing pressure from …

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