{"id":24941,"date":"2023-01-15T16:21:53","date_gmt":"2023-01-15T16:21:53","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/apple-boss-tim-cook-to-have-pay-cut-by-over-40-this-year"},"modified":"2023-01-15T16:32:48","modified_gmt":"2023-01-15T16:32:48","slug":"apple-boss-tim-cook-to-have-pay-cut-by-over-40-this-year","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/apple-boss-tim-cook-to-have-pay-cut-by-over-40-this-year","title":{"rendered":"Apple boss Tim Cook to have pay cut by over 40% this year"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>Apple chief executive Tim Cook will see his annual pay package slashed by more than 40% this year. The technology giant says Mr Cook requested the cut after criticism from shareholders.<\/p>\n

Apple\u2019s compensation committee awarded him a total \u201ctarget compensation\u201d of $49m (\u00a345.1m) for 2023. Last year the iPhone maker\u2019s shares fell sharply in the face of supply chain issues and a global economic slowdown.<\/p>\n

\u201cThe Compensation Committee balanced shareholder feedback, Apple\u2019s exceptional performance, and a recommendation from Mr Cook to adjust his compensation in light of the feedback received,\u201d Apple said in a filing with a US financial watchdog.<\/p>\n

The move will see Mr Cook\u2019s annual basic salary unchanged at $3m, as well as a bonus of up to $6m. The biggest difference to his pay package is how he will be awarded shares in the firm.<\/p>\n

In 2022 the company granted him $75m of shares, half of which were based on how well Apple performed on the stock market. For this year his stock award target has been cut to $40m, with three quarters of that dependant on share performance.<\/p>\n

The target for Mr Cook\u2019s compensation for 2022 was $84m, although his actual total pay for last year was $99.4m. That figure included $630,600 in personal security costs and $712,500 for his use of a private jet.<\/p>\n

Last year Apple shareholders were urged by a leading investor advisory group to vote against Mr Cook\u2019s pay package. In a letter to investors, Institutional Shareholder Services (ISS) said there are \u201csignificant concerns\u201d over the \u201cdesign and magnitude\u201d of the package.<\/p>\n

The ISS said Mr Cook\u2019s pay was 1,447 times more than the wage of an average Apple employee. Mr Cook became Apple\u2019s chief executive in August 2011, just weeks before the death of co-founder Steve Jobs.<\/p>\n

Under Mr Cook\u2019s leadership Apple became the first company to reach a stock market valuation of $3tn before falling to about $2.1tn during a tumultuous year for the technology industry.<\/p>\n

Covid lockdowns at factories in China, supply chain delays and a global economic slowdown have helped push down Apple\u2019s share price by more than 20% over the last year.<\/p>\n

The 62-year-old\u2019s personal wealth stands at around $1.7bn, according to Forbes magazine. Mr Cook has pledged to give away his entire fortune during his lifetime.<\/p>\n

For More News And Analysis About Mauritius<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. Apple chief executive Tim Cook will see his annual pay package slashed by more than 40% this year. The technology giant says Mr Cook requested the cut after criticism from shareholders. Apple\u2019s compensation committee awarded him a total \u201ctarget compensation\u201d of $49m (\u00a345.1m) for 2023. Last year the iPhone maker\u2019s shares fell […]<\/p>\n","protected":false},"author":84,"featured_media":24940,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9],"tags":[233,245,1712,241],"class_list":["post-24941","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-miscellaneous","tag-africa-press","tag-africa-press-mauritius","tag-apple","tag-mauritius"],"yoast_head":"\nApple boss Tim Cook to have pay cut by over 40% this year - Mauritius<\/title>\n<meta name=\"description\" content=\"Apple chief executive Tim Cook will see his annual pay package slashed by more than 40% this year. 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