Tim Cook, the CEO of Apple, has reduced his pay by a staggering $35 million, or more than 40%, in response to the difficult financial environment.
The Verge says that Cook’s income would decrease from $84 million in 2022 to $49 million in 2023, per a recent regulatory filing with the US Securities Exchange Commission (SEC).
The pay change is entirely from an adjustment in his equity value.
That value was projected to be worth $75 million in 2022. However, because of the recession, that amount falls to $40 million this year. Cook will continue to get a $3 million basic pay and a $6 million cash bonus annually.
The SEC filing stated that the compensation committee of the Apple board “balanced shareholder feedback, Apple’s exceptional performance, and a recommendation from Mr. Cook to adjust his compensation in light of the feedback received.”
Apple’s market worth has decreased by $1 trillion from its high year ago due to difficulties with iPhone production in China caused by Covid-related disruptions.
Apple has experienced supply chain problems, much like many other IT businesses.
Apple’s market worth has decreased by $1 trillion from its high year ago due to difficulties with iPhone production in China caused by Covid-related disruptions.
Apple has experienced supply chain problems, much like many other IT businesses.
Its manufacturing in China has taken a hit due to a fresh wave of Covid infections in the only major economy combating such a crisis.
While Apple’s market value has dropped dramatically, other large technological companies have dropped by a greater percentage.
Per the report, Amazon and Facebook-parent Meta’s shares have declined by around 50% and 63%, respectively, during the last year.
