If Apple achieves all of its financial objectives, CEO Tim Cook could earn close to $50 million in compensation, shareholders decided today at an annual meeting highlighted by Bloomberg.
Cook will be paid a $3 million base salary, a $6 million cash bonus, and roughly $40 million in stock awards. Cook made $99 million in 2022, so his salary has decreased by about 40%. After shareholders expressed dissatisfaction over his compensation package, a change was made to correlate his pay with overall company performance closely.
Other Apple executives will make about $27 million each in 2023 due to shareholders’ approval of a proposal to put executive compensation up for an annual vote. This comprises Jeff Williams, the chief operating officer, Katherine Adams, the general counsel, Deirdre O’Brien, the head of retail, Eddy Cue, the head of services, Craig Federighi, the head of software, and Luca Maestri, the chief financial officer, among others.
Apple encouraged investors to vote against many items that need more votes to pass. A civil rights audit of Apple’s diversity initiatives was suggested by shareholders, who also demanded that the company report on pay gaps and its annual reliance on China.
Al Gore and Tim Cook were targeted for removal in some proposals, but all Apple board members were retained.