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 presents copy of Gita in Russian to Putin
New Delhi (PTI): Prime Minister Narendra Modi on Thursday said he presented a copy of the Gita in Russian to President Vladimir Putin.
"Presented a copy of the Gita in Russian to President Putin. The teachings of the Gita give inspiration to millions across the world," PM Modi said in a post on X.
PM Modi hosted a private dinner at his 7, Lok Kalyan Marg residence for Putin, who is on a two-day visit here.
