Post by account_disabled on Feb 18, 2024 4:16:01 GMT -5
Apple CEO Tim Cook's salary voluntarily decreases in 2023 after shareholders voted against his pay package, as the company's shares fell almost 27% last year. Although the vote is not binding, the board's compensation committee said Cook requested the reduction.
The unusual decision places Cook's target Middle East Mobile Number List compensation at $49 million, compared to the $84 million he earned in 2022, and raises questions about whether the CEO's decision is a responsible act amid the situation the company is going through economically and the lack of Social Responsibility (SR) that has been pointed out regarding the exacerbated salaries of the CEOs while the salaries of the collaborators are minimal .
Apple CEO's salary reduced
In 2022, Cook earned $83 million in stock awards, $12 million in incentives, and a $3 million salary, along with benefits including retirement plan contributions, security, personal air travel, and more than $46,000 in vacation retirement. .
However, the tech giant's difficult state due to issues such as COVID-19 lockdowns in China and supply chain setbacks appear to have inclined Apple to reconsider Tim Cook's salary. And to the latter to propose a reduction in his salary.
The still billionaire agreed to his salary cut 40% less than last year. About 30 million, or three-quarters, is tied to share price performance. However, Cook's base salary will remain at $3 million, the company said, and the CEO will also receive a $6 million bonus.
"The compensation committee balanced shareholder feedback, Apple's exceptional performance, and a recommendation from Mr. Cook to adjust his compensation in light of the feedback received."
Manzana.
Tim Cook salary
Is it responsible to lower Tim Cook's salary?
The news of the voluntary reduction in Tim Cook's salary also occurs in the midst of growing public rejection, derived from social inequalities due to executive pay that has skyrocketed 1,460 % since 1978, according to an analysis by the Economic Policy Institute. . Since CEOs were paid 399 times more than a typical worker in 2021, an all-time high.
In fact Institutional Shareholder Services (ISS)—a firm that provides research and analysis for good governance—recommended that Apple shareholders vote against Cook's pay package at the 2022 annual meeting. .
The tech giant's compensation committee, made up of Art Levinson, Al Gore and Andrea Jung, said it reached out to institutional shareholders to gauge how they felt about Tim Cook's new salary. And he noted that, based on conversations with ISS, changes have been made "to the size and structure of Tim's compensation for 2023."
Although Tim Cook will take a smaller share of Apple this year, and voluntarily recommended a pay cut for himself following the vote against his pay package, Apple's board praised his performance and added that it has confidence in the strategic decisions he made. long-term CEO.
Tim Cook's leadership
According to The Washington Post , since Cook replaced Apple founder Steve Jobs in 2011, the tech giant's market capitalization has soared by $2 trillion, far outpacing the gains of the S&P 500—a stock index that compiles the 500 largest companies in the United States—over the same period.
The unusual decision places Cook's target Middle East Mobile Number List compensation at $49 million, compared to the $84 million he earned in 2022, and raises questions about whether the CEO's decision is a responsible act amid the situation the company is going through economically and the lack of Social Responsibility (SR) that has been pointed out regarding the exacerbated salaries of the CEOs while the salaries of the collaborators are minimal .
Apple CEO's salary reduced
In 2022, Cook earned $83 million in stock awards, $12 million in incentives, and a $3 million salary, along with benefits including retirement plan contributions, security, personal air travel, and more than $46,000 in vacation retirement. .
However, the tech giant's difficult state due to issues such as COVID-19 lockdowns in China and supply chain setbacks appear to have inclined Apple to reconsider Tim Cook's salary. And to the latter to propose a reduction in his salary.
The still billionaire agreed to his salary cut 40% less than last year. About 30 million, or three-quarters, is tied to share price performance. However, Cook's base salary will remain at $3 million, the company said, and the CEO will also receive a $6 million bonus.
"The compensation committee balanced shareholder feedback, Apple's exceptional performance, and a recommendation from Mr. Cook to adjust his compensation in light of the feedback received."
Manzana.
Tim Cook salary
Is it responsible to lower Tim Cook's salary?
The news of the voluntary reduction in Tim Cook's salary also occurs in the midst of growing public rejection, derived from social inequalities due to executive pay that has skyrocketed 1,460 % since 1978, according to an analysis by the Economic Policy Institute. . Since CEOs were paid 399 times more than a typical worker in 2021, an all-time high.
In fact Institutional Shareholder Services (ISS)—a firm that provides research and analysis for good governance—recommended that Apple shareholders vote against Cook's pay package at the 2022 annual meeting. .
The tech giant's compensation committee, made up of Art Levinson, Al Gore and Andrea Jung, said it reached out to institutional shareholders to gauge how they felt about Tim Cook's new salary. And he noted that, based on conversations with ISS, changes have been made "to the size and structure of Tim's compensation for 2023."
Although Tim Cook will take a smaller share of Apple this year, and voluntarily recommended a pay cut for himself following the vote against his pay package, Apple's board praised his performance and added that it has confidence in the strategic decisions he made. long-term CEO.
Tim Cook's leadership
According to The Washington Post , since Cook replaced Apple founder Steve Jobs in 2011, the tech giant's market capitalization has soared by $2 trillion, far outpacing the gains of the S&P 500—a stock index that compiles the 500 largest companies in the United States—over the same period.