This year Tim CookCEO of Manzanawill receive a salary cut of 49 million dollars in total compensation, this represents a reduction of 40% of his salary.
The company with the bitten apple reported the cut to the Securities and Exchange Commission (SEC), also explaining that it was Tim Cook himself who requested the change after the shareholder vote on his payment package.
The Compensation Committee weighed feedback from shareholders, Apple’s exceptional performance, and a recommendation from Mr. Cook to adjust his compensation in light of feedback received.
Manzana
The company co-founded by Steve Jobs also reduced the number of restricted stock units the director will receive if he retires before 2026.
In 2021, Cook earned a total of 98.7 million dollars, which corresponded to various compensations, prizes, air travel, retirement plan, insurance, vacation premiums and other benefits, while in 2020 he was awarded 14.8 million.
In this context, this change responds to last year’s pay vote, in which 64% of shareholders approved the CEO’s salary and compensation, in contrast to 95% who accepted it in 2020.
Despite this reduction in the salary of Apple’s CEO, the company’s board of directors praised his performance and expressed confidence in his long-term strategic decisions.
Editorial Team The editorial team of EMPRENDEDOR.com, which for more than 27 years has worked to promote entrepreneurship.