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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'Betrayal of people's mandate': Tejashwi on Nitish's Rajya Sabha entry
Patna (PTI): RJD leader Tejashwi Yadav on Thursday said Bihar Chief Minister Nitish Kumar's decision to enter the Rajya Sabha was a "betrayal" of the people's mandate.
Yadav, the leader of the opposition in the state assembly, alleged the BJP has always been opposed to Dalits and OBCs, and with Kumar leaving the CM's post, it will seek to implement its agenda in the socialist stronghold.
"The BJP has done a Maharashtra in Bihar," he said.
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"We have been saying from the very beginning that the BJP will not let Nitish Kumar remain the chief minister after the elections. This is exactly what has happened. This development is against the mandate of the people and amounts to a betrayal of it," he said.
Alleging that the BJP had "hijacked" Kumar, Yadav said that was the reason the veteran leader was now moving to the Rajya Sabha.
"BJP is against OBCs and Dalits. They never want a leader from these communities to occupy the top post. They want a chief minister who will function like a rubber stamp for the top BJP leadership," he alleged.
"I had said -- 'Nitish ji ko ghoda toh chadhaya hai dulha banake, lekin phera kisi aur ke saath dila raha hai' (They made Nitish Kumar mount the horse like a groom, but are getting someone else to take the wedding vows)," he added.
Kumar, the state's longest-serving chief minister, filed nomination papers for the Rajya Sabha polls, paving the way for the first BJP-led government in the state.
