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Apple CEO Cook says base salary will remain the same
Photo: REUTERS
Apple CEO Tim Cook is expected to earn significantly less in the current fiscal year.
After criticism from shareholders and Cook's own recommendation, fewer shares will be allocated to him, according to the documents for the computer group's annual general meeting in March.
In addition, their award will depend to a greater extent than before on the course of business.
Cook's base salary of $3 million will remain the same.
For the fiscal year ended September 2022, Cook received total compensation of $99.4 million, according to filings released Friday night.
The majority of it - almost 83 million dollars - made up the block of shares.
Bonus payments of $12 million were added to the base salary – as well as around $1.4 million that Apple spent on security measures and board-mandated private jet flights.
Compensation for the current fiscal year is now $49 million, of which $40 million will be in the form of shares.
While the allocation of half of the shares previously depended on the course of business, it will now be 75 percent.
The Board of Directors emphasized that the quota will remain at least as high in the years to come.
Some large shareholders had called for a change in this direction.
How high the actual income of the Apple boss will be depends on the share price.
For the past year, the Board of Directors had targeted income of $84 million, including $75 million in stocks.
In the end, however, the shares were worth more.
Cook took over the management of Apple from co-founder and tech visionary Steve Jobs shortly before his death in 2011. He also steered the company through the corona pandemic with record results.
However, Apple had to deal with a problem last Christmas: production losses due to corona measures in China caused longer waiting times for the important iPhone 14 Pro model.
mik/dpa-AFX
