Tim Cook takes a $35 million pay lower that he really helpful

Apple CEO Tim Cook is taking a giant pay lower — at his personal suggestion. Cook’s goal compensation will probably be reducing by $35 million, in line with a new regulatory filing, dropping from $84 million in 2022 to $49 million in 2023. That’s a drop of greater than 40 p.c.

The adjustments come fully from an adjustment in his fairness award worth, which makes up the majority of Cook’s complete compensation. In 2022, that worth was estimated to be value $75 million, however this yr, that estimate drops to $40 million. His base wage of $3 million and his annual money incentive of $6 million will stay the identical. Bloomberg reported the pay lower earlier on Thursday.

To set Cook’s new pay, the compensation committee on Apple’s board “balanced shareholder feedback, Apple’s exceptional performance, and a recommendation from Mr. Cook to adjust his compensation in light of the feedback received.” In actuality, his 2023 compensation may differ; Cook truly made $99.4 million in 2022, in line with the submitting.