Apple boss's pay tumbles with iPhone maker's share price - Proactive Investors USA

Apple Inc (NASDAQ:AAPL) main enforcement serviceman Tim Cook is facing a wage chopped of 40% done a simplification to his share-based bonus oregon “equity reward value”.

Cook, who has worked for Apple for 24 years and headed the institution for eleven, volition get a basal wage of US$3mln - which has been unchanged since 2016.

The tech elephantine volition besides wage US$6mln successful yearly currency incentives, again unchanged from past year.

However, an “equity reward system” that saw the CEO instrumentality location US$75mln successful shares past twelvemonth has been reduced to US$40mln.

“Balancing shareholder feedback, a tendency to proceed to make meaningful show and retention incentives, and Mr Cook’s enactment for changes,” were down the determination said Apple’s autarkic consultation committee.

“The Compensation Committee maintained the currency components of Mr Cook’s 2023 compensation and reduced his people equity grant assistance value” the study stated.

The California-based company’s stock terms has fallen by implicit 22% successful the past year, astir 8% much than the S&P 500.

Cook volition present person 300,000 shares should the terms stay astir the existent worth of US$133.

Last year, the banal was valued astir US$172, meaning Cook would person received astir 430,000 shares.

Apple besides said 4 executives including main fiscal serviceman Luca Maestri and main operating serviceman Jeff Williams each earnt US$22mln successful 2022.