Jakarta, CNBC Indonesia – Apple CEO Tim Cook will take a pay cut of more than 40% this year compared to the previous year.
This is because the company adjusted the way it calculates compensation, based in part on Cook's own recommendations.
In a regulatory filing late Thursday, Cook's total compensation target was US$49 million (Rp. 764 billion) for 2023, with a salary breakdown of US$ 3 million, cash incentives of US$ 6 million, and equity awards of US$ 40 million.
Last March, the Cupertino, California-based company conducted a shareholder advisory vote on executive pay.
Apple said its compensation committee considered input from shareholders, the company's performance and recommendations from Cook, who was promoted to CEO in 2011, to adjust his compensation based on the input received.
Apple said last year that it sought shareholder input on compensation and received “overwhelming support for Cook's leadership.”
“The shareholders we spoke to did not support Say on Pay 2022, we proposed consistently citing the size and structure of the 2021 and 2022 equity awards awarded to Cook as the main reason for their voting decision,” the company said as quoted by the Daily Mail, Tuesday (16/1/2024).
Cook has received a base salary of US$3 million over the past three years, but his total compensation, including restricted awards, jumped from US$ 14.8 million in 2020 to US$ 98.7 million in 2021 and US$ 99.4 million (Rp. 1.5 trillion) in 2022.
The company said Cook supports changes to his compensation this year.
[Gambas:Video CNBC]
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