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NEW YORK, Jan. 13 (AP) — Apple Inc. Chief Executive Tim Cook will take a pay cut of more than 40 percent this year from a year earlier as the company adjusts how it calculates compensation, in part at the suggestion of Cook himself.
Apple said in a regulatory filing late Thursday that Cook’s target total compensation for 2023 is $49 million, which includes a base salary of $3 million and cash incentives of $6 million — both in line with the above figures. One year flat — and $40 million in equity awards.
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Last March, the Cupertino, California-based company held a shareholder advisory vote on executive compensation, with 6.21 billion shares voting in favor of the executive pay package and 3.44 billion voting against it.
There were also abstentions and brokers did not vote.
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Apple said its compensation committee adjusted his compensation based on feedback received, considering shareholder feedback, company performance and recommendations from Cook, who was promoted to CEO in 2011.
Apple said Cook supported changes to his pay.
The company plans to position Cook’s annual target compensation at between 80% and 90% relative to its key peer group over the next few years, the documents show.
In 2021, Cook received a compensation package worth $98.7 million. Only $3 million of that was salary. The vast majority came from restricted stock grants worth $82.3 million.
The company will hold its annual meeting on March 10.
Apple shares were down slightly at $132.38 in early trading. The stock has fallen about 23% over the past year. (Associated Press)
(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)
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