Friday, Jan 13, 2023, 19:11 Economy

Tim Cook To Earn Significantly Less In 2023 – Per Own Wish

According to documents submitted to the United States' "Security and Exchange Commission", Apple's CEO, Tim Cook, will redirect his salary in a downward direction – and significantly so. In 2019 and 2020, Tim Cook earned US$12 to 15 million. All this amount may already seem like a considerable chunk of money to some – due to various bonus arrangements and the share price at the time, the CEO's compensation in 2021 lay more within the range of US$100 million. 2022 should also fail to reveal any grounds for complaint on the part of the CEO: Similarly to 2021, he should receive almost US$100 million.

At the suggestion of investors, Tim Cook has willingly reduced his salary notably: Per the current model's calculations, Tim Cook's salary should be US$49 million. Dependent upon this year's developments at Apple financially, his salary could find itself considerably below or above this value.

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Cook's previous, high compensation has drawn criticism from some circles – particularly given that many of the remuneration mechanisms included in his payment model, such as share packages, enable the CEO to rake in a massive profit after he retires from Apple – at which point the CEO can cash in on such stock options, should he wish to do so.

Base Salary Of US$3 Million
Tim Cook's base salary makes up the absolute minority of his total compensation: In 2022, the Apple CEO only received a US$3 million fixed salary for his efforts. The lion's share, however, ended up being US$83 million in stock options and US$13.4 million for other performance-related bonuses. Cook emphasizes that he donates the majority of his salary.

Apple's internal compensation committee has heaped praise upon Cook for his performance – particularly in 2020, 2021, and 2022, during which the company had to navigate numerous problems.

Others In Leadership At Apple Earn Less
As has emerged from the documents submitted to the SEC, other members of Apple's top ranks earned less than the CEO in 2022. CFO Lua Maestri, Kate Adams, Deirdre O'Brien, and Jeff Williams received roughly the same compensation: US$27 million is what Apple values the contributions of its other board members at on average.

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