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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Nearly 70% cases in 'pension adalats' resolved since 2019: Govt
New Delhi (PTI): Over 8,300 cases were resolved in pension adalats held since 2019, Union Minister of State for Personnel Jitendra Singh informed the Rajya Sabha on Thursday.
A total of 12,049 cases were taken up by pension adalats since 2019.
In a written reply, the minister said of the total cases, 8,373 (69.49 per cent) have been resolved.
"Pension adalat is an important administrative reform for improving pensioners’ welfare by timely and effective redressal of long-standing grievances of central government pensioners," he said.
There is substantial decrease in the number of pensioners’ grievances due to the pension adalat, Singh said.
He said since 2019, eight pension adalats have been held.
As many as 403 cases were taken up in two pension adalats held in 2024, of which 330 were resolved, according to the data shared by the minister.
A total of 603 (440 were resolved) and 1,732 (1,113 were resolved) cases were taken up in 2023 and 2022 respectively, it said.
Of the total of 3,692 cases taken up in 2021, 2,598 (70.36 per cent) were resolved.
There were 342 (319 were resolved) and 5,277 (3,573 were resolved) pension-related cases were taken up in 2020 and 2019 respectively, according to the data.
