Apple posted its proxy filing at its 2023 annual shareholders’ meeting, and the 113-page report reveals CEO Tim Cook will take a pay cut in 2023. It comes to $35 million — the top executive will earn $49 million, down from $84 million last year.
His base salary of $3 million and annual cash award of $6 million remain unchanged, the major difference being an adjustment to his equity award value. The other four senior executive officers at Cupertino received no pay cuts or incentives.
Tim Cook at the launch of the iPhone 14 series. Image source: Twitter
Tim Cook’s equity award value for 2022 was $75 million, while it will be $40 million this calendar year. However, he may still earn more than the predicted amount, depending on Apple’s share price.
The pay cut was suggested by Cook himself “in light of the feedback received”.
The company is still expected to launch a long-rumored mixed reality headset, and the Project Titan car is still wishful thinking more than anything. However, Cupertino is not releasing any employees for the time being, unlike competitors Meta, Twitter and Amazon, which have announced layoffs.