Monitoring Desk
ISLAMABAD/CALIFORNIA: Apple Inc Chief Executive Tim Cook’s salary package for the fiscal year 2023 is expected to be smaller than last year, and more dependent on how well the tech giant’s shares perform in comparison to market peers, regulatory filings showed.
Cook’s compensation for the fiscal 2022 year was $99.4 million, slightly higher than the $98.7 million he received the previous year, the company said in securities filings.
Cook’s compensation target for 2023 set at $49mn
For 2023, Cook’s compensation target was set at $49 million, over 40% less than his 2022 pay. The company made the changes after 64% of shareholders approved Cook’s salary package at its annual meeting last year, down from 94.9% the previous year. Cook’s stock awards saw the biggest change.
For fiscal 2022, Apple granted Cook $75 million in stock awards, half of which were based on how well the iPhone maker’s shares performed. For fiscal 2023, Cook’s stock award target was brought down to $40 million, with $30 million of the total depending on share performance.
If Apple’s shares meet the performance targets, the $30 million in performance awards could double to at least $60 million.
