Tim Cook's salary has become the talk of the town ever since Apple Inc. slashed his pay by almost 50 percent. Apple CEO Tim Cook recently announced that he will be taking a significant cut to his salary and reportedly reduced it by almost 50 percent. Justifying his decision, Tim Cook stated that he believes his current salary is too high and that he wants to set an example for other executives to follow. "I have always believed in leading by example, and I believe that those in leadership positions should not be taking excessive pay," Cook was quoted by multiple portals. Cook said he believes that a fair and reasonable salary for a CEO is one that is in line with the company's performance and the overall economic climate. Now, people are the world are wondering about Tim Cook's salary or simple asking What was Tim Cook's salary? To know everything about Tim Cook Salary, read below-
Tim Cook' salary breakdown
Cook is slated to receive USD 49 million (Rs 3,98,75,71,000) in 2023. He earned USD 99.4 million in 2022, including USD 3 million in base salary, about USD 83 million in stock awards and a bonus. Again in 2021, Cook’s total package was USD 98.7 million. Notably, Cook’s latest pay was based on 'balanced shareholder feedback, Apple’s exceptional performance and a recommendation from Cook,' the iPhone maker said in the filing. The company also plans to 'position Cook’s annual target compensation between the 80th and 90th percentiles relative to our primary peer group for future years,' Apple added.
Tim Cook and Apple
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Tim Cook is the Chief Executive Officer (CEO) of Apple Inc. He has held this position since August 2011, succeeding Steve Jobs who co-founded the company. Cook is responsible for the overall management and direction of the company, including its strategy, operations, and finances. Under Tim Cook's leadership, Apple has continued to release new and updated products, such as the iPhone, iPad, and Mac computers. He has also overseen the launch of new services such as Apple Music and the App Store.
Why Tim Cook accepted the pay cut?
Apart from Cook's reason for leading the firm by example and accepting pay-cut, Apple has drawn criticism from groups such as Institutional Shareholder Services about his previous compensation package, but a majority of shareholders voted to approve it last year. ISS, a top advisory firm, complained that Cook’s stock would continue to vest post-retirement and that half of the rewards didn’t depend on performance criteria like the company’s share price. It is pertinent to mention here that Cook has pledged to give away his wealth to charitable causes.