Tim Cook, the CEO of Apple, is taking a big pay cut. He chose to do this himself. A new filing with the government says that Cook’s expected pay will go down by $35 million, from $84 million in 2022 to $49 million in 2023. That’s more than a 40 percent drop.
Verge Says, All of the changes are due to a change in the value of his equity award, which is the main part of Cook’s total pay. This was thought to be worth $75 million in 2022, but this year, that number has dropped to $40 million. His base salary will stay at $3 million, and his annual cash incentive will stay at $6 million. Bloomberg told people about the pay cut early Thursday morning.
For Cook’s new pay, Apple‘s board’s compensation committee “balanced shareholder feedback, Apple’s outstanding performance, and a recommendation from Mr. Cook to change his pay based on the feedback received.” In reality, his pay in 2023 could be different. According to the filing, Cook made $99.4 million in 2022.
Even though Apple is still very successful, its market cap has dropped by $1 trillion since it was at its highest point a year ago, and the company has been having trouble making its cash cow, the iPhone. There is also some worry about the big bets the company will make in the future.
Even though it’s been talked about for a long time, the long-rumored mixed reality headset hasn’t been officially announced yet, but that could happen this spring. Reports say that the Project Titan car won’t be ready for years, and a December Bloomberg report says that it will now be a year later than planned. And Apple is facing the same economic problems as other big tech companies, which have led companies like Meta and Amazon to lay off a lot of people.
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Jessa Martin is the author of Nogmagazine, A professional in writing by day, and novelist by night, she received her bachelor of arts in film from Howard University and her master of arts in media studies from the New School. A Brooklyn native, she is a lover of naps, cookie dough, and beaches, currently residing in the borough she loves, most likely multitasking.