Tim Cook to voluntarily cut his own compensation package by about $50 million

The remuneration of CEOs of large companies is tied to performance, so

The basic salary in the overall structure of the compensation package is only a few percent.In the meantime, Apple CEO Tim Cook has decided to voluntarily halve his own remuneration.

What is known

In 2022, the compensation package of the generalCEO of the company from Cupertino amounted to about $100 million. Tim Cook received $83 million in Apple shares, while his base salary was only $3 million, i.e. approximately 3% of the total remuneration. The remaining $14 million is a premium.

In 2021, the CEO of the California giantalso received about $100 million, but by the end of 2023, his compensation package will sharply decrease. At the initiative of Tim Cook himself, which was supported by shareholders, the remuneration of the head of Apple this year will decrease by 50% and amount to approximately $49 million.

At the same time, Tim Cook must be even strongerinterested in the growth of the value of Apple shares. This is due to the fact that starting from 2023, the variable component of remuneration will not be 50%, but 75%, and it is measured by the company's transferred securities depending on their price.

Thus, the head of Apple at the end of 2023will receive $40 million in shares, a $6 million bonus, and salary will remain unchanged ($3 million). Cook plans to donate part of the reward to charity.