{"id":597107,"date":"2023-01-13T05:48:59","date_gmt":"2023-01-13T11:48:59","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/01\/13\/tim-cook-takes-a-35-million-pay-cut-that-he-recommended\/"},"modified":"2023-01-13T05:48:59","modified_gmt":"2023-01-13T11:48:59","slug":"tim-cook-takes-a-35-million-pay-cut-that-he-recommended","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/01\/13\/tim-cook-takes-a-35-million-pay-cut-that-he-recommended\/","title":{"rendered":"Tim Cook takes a $35 million pay cut that he recommended"},"content":{"rendered":"
\n

Apple CEO Tim Cook is taking a big pay cut \u2014\u00a0at his own recommendation. Cook\u2019s target compensation will be decreasing by $35 million, according to a new regulatory filing<\/a>, dropping from $84 million in 2022 to $49 million in 2023. That\u2019s a drop of more than 40 percent. <\/p>\n

The changes come entirely from an adjustment in his equity award value, which makes up the bulk of Cook\u2019s total compensation. In 2022, that value was estimated to be worth $75 million, but this year, that estimate drops to $40 million. His base salary of $3 million and his annual cash incentive of $6 million will remain the same. Bloomberg<\/em> reported the pay cut earlier on Thursday<\/a>.<\/p>\n

To set Cook\u2019s new pay, the compensation committee on Apple\u2019s board \u201cbalanced shareholder feedback, Apple\u2019s exceptional performance, and a recommendation from Mr. Cook to adjust his compensation in light of the feedback received.\u201d In reality, his 2023 compensation could differ; Cook actually made $99.4 million in 2022, according to the filing.<\/p>\n

While Apple continues to be quite successful, its market cap has dropped $1 trillion from its peak a year ago<\/a>, and the company has been facing some production challenges with its cash cow, the iPhone<\/a>. There is also some worry about the company\u2019s future big bets. The long-rumored mixed reality headset still hasn\u2019t been officially announced (though that may finally happen this spring<\/a>). The Project Titan car project is reportedly still years away, and according to a December Bloomberg<\/em> report, it will now be arriving a year later than originally planned<\/a>. And Apple is facing the same economic challenges affecting other big tech firms, which have resulted in massive layoffs at companies like Meta<\/a> and Amazon<\/a>.<\/p>\n<\/div>\n

Read More<\/a>
\n Jay Peters<\/p>\n","protected":false},"excerpt":{"rendered":"

Apple CEO Tim Cook is taking a big pay cut \u2014\u00a0at his own recommendation. Cook\u2019s target compensation will be decreasing by $35 million, according to a new regulatory filing, dropping from $84 million in 2022 to $49 million in 2023. That\u2019s a drop of more than 40 percent. The changes come entirely from an adjustment<\/p>\n","protected":false},"author":1,"featured_media":597108,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[308,1409,46],"tags":[],"class_list":{"0":"post-597107","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-million","8":"category-takes","9":"category-technology"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/597107","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=597107"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/597107\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/597108"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=597107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=597107"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=597107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}