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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RSS has global network of over 2,500 groups for money laundering: Priyank Kharge
Bengaluru: Rural Development and Panchayat Raj Minister Priyank Kharge has alleged involvement of the Rashtriya Swayamsevak Sangh (RSS) in a money transfer network at global level.
Posting his allegation on his personal ‘X’ account on Saturday morning, Kharge said that he was referring to an issue that had not been dealt with decisively by Indian media houses.
“Here is a crucial story that the Indian media will never touch,” the minister has said, and clarified, “This so-called “body of individuals” has built a global network of over 2,500 affiliated organisations. Through these fronts, the RSS collects “guru dakshina” to fuel its divisive agenda. (sic)”
Kharge has further alleged, “The world’s largest NGO is running amok, laundering money and evading accountability.”
The minister added, “Here is a map of their organisational architecture of their “Vichar Parivaar.” https://rssproject.caravanmagazine.in / @thecaravanindia”
