Tim Cook, the Apple CEO’s compensation this fiscal year is going to be lesser than last year and depends on the company shares. Read to know more.
Tim Cook’s compensation depends on Apple stocks
The yearly compensation for Tim Cook, the CEO of Apple Inc is going to vary from that of the last year with a significant 40 percent cut. However, it will be highly influenced by the company shares and its performance in the market. In a rare action, his pay was set to $49 million as a part of investor guidance and risk from the CEO.
As a part of it, the percentage of stocks awarded to the CEO will increase to 75 percent. It’s a rise compared to last year’s 50 percent. Therefore, Cook received a total of $75 million in stocks from the fiscal year that ended in September 2022.
More on Tim Cook’s salary change
The change in the pay was approved by shareholders last year. Therefore the award objective for the upcoming fiscal was lowered to $40 million. However, $30 million of the total is contingent depends on the performance of the company’s shares. As per Apple Inch.’s security filings, Cook received a salary of $99.4 million for the previous fiscal. The difference was a small rise from $98.7 million in salary from the fiscal year before.
Additionally, Apple disclosed its compensation from 2022 for Chief Financial officer Luca Maestri, retail chief Deirdre O’Brien, Chief Operating Officer Jeff Williams, and General Counsel Kate Adams. They were paid $27 million including stock, salary, and bonus.
