Apple Inc. Chief Executive Tim Cook’s compensation for the current fiscal year will be less than last year and will be more influenced by how the shares of the iPhone maker perform compared to its market counterparts.
In a rare move, the CEO’s pay target was set at $49 million, over 40 per cent lower than his 2022 compensation, as part of investor guidance and a request from Cook, approved by the shareholders last year.
Watch | World Business Watch: Apple’s Tim Cook takes rare CEO pay cut
As part of the pay change for the current fiscal, the percentage of stock awarded to Cook and tied to Apple’s performance will also increase to 75 per cent from 50 per cent last year.
Indeed, he received $75 million in stock awards from Apple for the previous fiscal that ended in September 2022, with half of that dependent on the performance of Apple’s stock.
Cook’s stock award objective for the upcoming fiscal year was lowered to $40 million, with $30 million of the total contingent on share performance.
According to the company’s securities filings, Cook received $99.4 million in salary for the previous fiscal that ended in September 2022, a small increase from the $98.7 million he received the year before.
For all the latest business News Click Here
