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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9 killed, 80 injured after bus carrying marriage party overturns in Jharkhand's Latehar
Latehar/Gumla (PTI): At least nine people, including five women, were killed and over 80 others injured after a bus carrying wedding guests overturned in Jharkhand's Latehar district on Sunday, police said.
The accident occurred at Orsa Bangladara valley under Mahuadanr police station limits.
"A bus carrying a marriage party was coming from Balrampur district in Chhattisgarh for a wedding at Mahuadanr in Latehar. The bus overturned, and five people died on the spot. Among them, four were women. The injured were taken to a hospital," Superintendent of Police Kumar Gaurav told PTI.
Two persons died during treatment in Latehar hospital, while two in Gumla Sadar hospital, another official said.
Gumla civil surgeon Shambhu Nath Choudhary said nine injured were referred to the Sadar hospital here, of which two were brought dead.
In a post on X, Chief Minister Hemant Soren asked the Latehar deputy commissioner to provide appropriate medical facilities to the injured.
Sub-Divisional Magistrate (SDM) Vipin Kumar Dubey said 60 injured were admitted to Mahuadanr community health centre and over 20 at a private hospital.
"Thirty-two people, who are serious, are being referred to RIMS Ranchi for better treatment," he said.
The deceased were identified as Reshanti Devi (35), Prema Devi (37), Sita Devi (45), Sonamati Devi (55), Sukhna Bhuiyan (40) and Vijay Bhuiyan. Identification of a woman, who died in Latehar hospital, is underway, Dubey said.
The bus driver, Vikas Pathak, said around 90 passengers were on the bus.
"The brakes of the bus failed. Despite attempts to stop the vehicle using the handbrake and switching off the engine, I could not regain control, and the bus eventually overturned," he told reporters.
