Tim Cook accepts his recommended $35 million wage cut

Tim Cook, the CEO of Apple, has decided to take a significant wage cut on his own. A recent regulatory filing indicates that Cook’s target remuneration will reduce by $35 million, from $84 million in 2022 to $49 million in 2023. That represents a decrease of over 40%.

The majority of Cook’s overall compensation, or adjustments, result from adjustments made to the value of his equity award. This value was expected to be worth $75 million in 2022, but just $40 million this year. Both his $3 million base pay and his $6 million yearly cash incentive are guaranteed to stay in place.

After considering Apple’s outstanding performance, shareholder comments, and Cook’s recommendation to modify his compensation in light of the feedback received, the Apple board’s compensation committee determined Cook’s new salary. As to the filing, Cook’s 2023 compensation may be different from his 2022 compensation, which was $99.4 million.

Apple’s market capitalization has decreased by $1 trillion from its peak one year ago, despite the business’s continued success. Additionally, the company has been experiencing production issues with its flagship product, the iPhone. Concerns exist regarding the company’s upcoming large wagers as well.

The much anticipated mixed reality headgear is still unannounced, though that could change this spring. The automobile project known as Project Titan is still years away, and a December Bloomberg article states that it will now arrive one year later than anticipated. Additionally, Apple is dealing with the same financial difficulties that other large internet companies are, which have led to significant layoffs at businesses like Meta and Amazon.