Apple reduces CEO compensation to 40% in 2023

Apple CEO Tim Cook expects to earn $49 million this year. This is 40% less than his target salary for 2022.

Aside from the compensation reduction, several changes have been implemented. Cook’s share of stock units issued to him and linked to Apple’s success will rise from 50% to 75% this year.

The pay committee, comprised of Art Levinson, Al Gore, and Andrea Jung, stated that they consulted with institutional shareholders about this decision.

Since taking over the company in 2011, the CEO has been quite public about vowing to donate his money to philanthropic causes.

Institutional Shareholder Services expressed their concerns over Cook’s stock, which may continue to vest after his departure.