Prepare Camel One of the most famous and most expensive companies in the world when it comes to the market value, as it reached at one point to $ 3 trillion, and with the strong performance that the company achieved during the past three years, its CEO received Tim Cook About $212 million in compensation, but this time the shareholders decided to reduce Cook's wages in 2023 by more than 40%. What is the reason and how much is Tim Cook currently getting paid?

Tim Cook salary

Steve Jobs

In the beginning, you should be aware that the basic salary of Steve Jobs’ successor is only $3 million, but what he gets far exceeds this number, because there are stock awards that he gets when the share price is higher than usual and when he reaches company-specific goals he gets On bonuses, and do not forget the compensation and allowances for insurance, protection and travel, and these things make his wages multiply very much, and Tim Cook had received $ 14.7 million in compensation in 2020, and he also received $ 98.7 million in compensation in 2021 and $ 99 million in compensation in 2022.

Apple performance

The decision to cut Tim Cook's wages came after shareholders voted against the compensation package that the CEO of the company will receive this year, perhaps due to the poor performance of the shares, as their price fell by 27% last year.

Apple's share price fell like other technology companies last year, as China closed a large number of factories there due to the outbreak of the Corona pandemic, which led to problems in the supply chain, and do not forget the recession, inflation and global economic slowdown that helped not to buy new devices and keep the old ones for a longer period.

Although the shareholder vote is not binding. However, the Compensation Commission said that Tim Cook himself requested that his salary be reduced. And adjusting the compensation he will receive this year, to be less than agreed upon.

How much will he get paid in 2023

This year 2023, Cook will receive compensation of up to $ 49 million. After the decision to reduce wages by more than 40% compared to last year, here are the details of Tim Cook's salary in 2023 and how he will receive it:

  • Base salary: $3 million (no change)
  • Cash incentive: $6 million (no change)
  • Equity Awards: $40 million (halved)

Finally, this adjustment in the salary of the CEO of Apple, which came at his personal request. It will satisfy the shareholders, who only care about the company's performance. Revenue volume and share price compared to other technology companies such as Meta, Tesla, Alphabet and Microsoft. Furthermore, the pay will be adjusted from time to time in line with the company's performance under Tim Cook's leadership. Who currently owns a fortune of $ 1.7 billion and plans to donate it to charity.

Do you think Tim Cook is worth all those millions, tell us in the comments

Source:

washingtonpost

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