applepublished its proxy application at the 2023 Annual Shareholders Meeting, and the 113-page report reveals that CEO Tim Cook will receive a salary cut in 2023. That’s $35 million – Tim Cook’s salary will drop from $84 million annually to $49 million.
The $3 million base salary and $6 million annual cash incentive remained unchanged, with the major difference coming from an adjustment in equity reward value. The other four top executives in Cupertino did not make any cuts to their salaries or incentives.
Tim Cook’s equity award value for 2022 will be $75 million, up to $40 million this calendar year. However, it could still earn more than predicted based on Apple’s stock price.
The salary cut was suggested by Cook himself “in light of the feedback received”.
The company is still expected to release a long-rumored mixed reality headset, and the Project Titan car is still a wishful thinking above all else. Unlike its rivals Meta, Twitter and Amazon, which have announced layoffs, Cupertino is not laying off any employees for now.