Apple CEO Tim Cook to take more than 40% pay cut
New York, Jan 13: Apple CEO Tim Cook will take a more than 40% pay cut this year from a year earlier as the company adjusts how it calculates his compensation partly based on a recommendation from Cook himself.
Apple Inc. said in a regulatory filing late Thursday that Cook's target total compensation is 49 million for 2023, with a
3 million base salary, and 6 million cash incentive both unchanged from the previous year and 40 million in equity awards.
Last March the Cupertino, California, company conducted an advisory shareholder vote on executive pay with 6.21 billion shares voted in favour of the executive pay package and 3.44 billion against.
There were also abstentions and broker non-votes.
Apple said its compensation committee took into account shareholder feedback, the company's performance and a recommendation from Cook, who was promoted to to CEO in 2011, to adjust his compensation in light of the feedback received.
Apple said Cook supported the changes to his compensation.
The company plans to to position Cook's annual target compensation between the 80th and 90th percentiles relative to its primary peer group for future years, according to the filing.
In 2021, Cook received a compensation package valued at 98.7 million. Just 3 million of that was salary. The vast majority came from a grant of restricted stock, valued at 82.3 million.
The company will hold its annual meeting March 10.
In early trading, Apple shares edged down to 132.38. The stock has declined about 23% in the past year.
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PM Modi, myself don't have 'wife issue': Rahul Gandhi
New Delhi (PTI): In a friendly banter, Leader of Opposition Rahul Gandhi on Friday said that Prime Minister Narendra Modi and he didn’t have "the wife issue", as the Congress MP emphasised that everyone has learnt from women in their lives.
Participating in a debate in the Lok Sabha on the three bills introduced for amendments to the women's quota law and setting up a delimitation commission, Gandhi said women are a driving force in the national imagination and national perspective.
"All of us in this room have been influenced, taught, and have learnt a lot from women in our lives – from mothers, sisters, wives," Gandhi said.
"Of course, the prime minister and myself don't have the wife issue, so we don't get that input, but we have our mothers and sisters," he said while referring to Parliamentary Affairs Minister Kiren Rijiju's light-hearted remark that he got a scolding at home as he did not pen a poem for his wife like Union minister Arjun Ram Meghwal did.
Gandhi also lauded his sister and Congress MP Priyanka Gandhi's speech in the Lok Sabha on Thursday.
"Yesterday, I was watching my sister achieve in five minutes what I have not been able to do in 20 years of my political career – make Amit Shah Ji smile," Gandhi said to peals of laughter.
