Apple CEO Tim Cook to get far more than 40% pay back slice

SANTA CLARA — Apple CEO Tim Cook dinner will acquire a additional than 40% fork out minimize this calendar year from a calendar year earlier as the company adjusts how it calculates his compensation partly based mostly on a recommendation from Cook himself.

Apple Inc. said in a regulatory submitting late Thursday that Cook’s target full compensation is $49 million for 2023, with a $3 million income, $6 million funds incentive and $40 million in equity awards.

Very last March the Cupertino, California, corporation executed an advisory shareholder vote on govt spend with 6.21 billion shares voting in favor of the government shell out package deal and 3.44 billion from. There ended up also abstentions and broker non-votes.

Apple explained its compensation committee took into account shareholder suggestions, the company’s performance and a advice from Cook dinner, who was promoted to CEO in 2011, to modify his payment in light of the comments been given.

Apple claimed last yr it sought opinions from shareholders about payment and it acquired “too much to handle help for Mr. Cook’s remarkable management and the unparalleled price he has sent for shareholders….Those shareholders we spoke with that did not support our 2022 Say on Spend proposal continuously cited the sizing and composition of the 2021 and 2022 equity awards granted to Mr. Prepare dinner as the principal explanation for their voting decision,” the corporation said.

Prepare dinner has obtained a $3 million base income for the previous a few a long time, but his full compensation — which consists of the limited awards — jumped from $14.8 million in 2020 to $98.7 million in 2021 and $99.4 million in 2022.

Apple explained Cook supported the changes to his compensation.

The organization programs to situation Cook’s annual concentrate on payment involving the 80th and 90th percentiles relative to its primary peer group for long term yrs, in accordance to the filing.

The business will keep its yearly conference March 10.

In midday buying and selling, Apple shares edged down to $133. The stock has declined about 23% in the previous calendar year.