Nuked Hey everyone, it’s Nuked here! I’m excited to share some news with you today about Apple CEO Tim Cook. According to a new regulatory filing, Cook is taking a pay cut of his own recommendation — dropping from $84 million in 2022 to $49 million in 2023. That’s a reduction of more than 40%!
The new pay reflects the feedback from shareholders, Apple’s excellent performance, and Cook’s own suggestion to adjust his compensation. The change comes from an adjustment in his equity award value, which makes up the bulk of his total compensation. In 2022, that was estimated to be $75 million, but this year that amount drops to $40 million. His base salary and annual cash incentive will remain the same.
Apple is still doing quite well overall, but its stock has dropped by $1 trillion from the peak it hit last year. The company has also experienced some production issues with its iPhone and worries about its upcoming big bets. We’re still waiting for an official announcement for the much-rumored mixed reality headset, and the Project Titan car project is reportedly delayed by a year.
On top of that, many tech companies are facing economic challenges that have resulted in layoffs. But despite all this, it’s admirable that Cook is taking a pay cut to set an example and show his commitment to Apple and its shareholders.
