Apple posted its proxy submitting on the 2023 Annual Meeting of Shareholders and the 113-page report reveals that CEO Tim Cook is getting a wage discount in 2023. It quantities to $35 million – the highest government will earn $49 million, down from $84 million final 12 months.
His base wage of $3 million and the annual money incentive of $6 million stay unchanged, with the large distinction coming from an adjustment of his fairness award worth. The different 4 senior government officers at Cupertino didn’t obtain a slash in their wage or incentives.
Tim Cook on the launch of iPhone 14 sequence. Image supply: Twitter
The fairness award worth of Tim Cook for 2022 was $75 million, whereas this calendar 12 months, will probably be $40 million. However, he would possibly nonetheless make greater than the forecasted quantity, relying on Apple’s inventory value.
The pay cut was instructed by Cook himself “in light of the feedback received”.
The firm continues to be anticipated to launch a mixed-reality headset that has been rumored for a very long time, and the Project Titan automobile continues to be wishful considering greater than anything. Cupertino isn’t letting go of any staff for now although, in contrast to rivals Meta, Twitter, and Amazon, who’ve introduced layoffs.
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