Apple CEO Cook's pay more dependent on stock performance in 2023
Last updated on: 13 January,2023 08:20 am
Apple CEO Cook's pay more dependent on stock performance in 2023
(Reuters) - Apple Inc (AAPL.O) Chief Executive Tim Cook s pay package for the fiscal 2023 year is expected to be smaller than last year and depend more on how well the iPhone maker s shares perform relative to market peers, regulatory filings showed.
Cook s compensation for the fiscal 2022 year ended September was $99.4 million, slightly higher than the $98.7 million he received the previous year, the company said in securities filings. For 2023, Cook s compensation target was set at $49 million, more than 40% lower than his 2022 pay. Apple made the changes after 64% of shareholders approved Cook s pay package at its annual meeting last year, down from 94.9% the previous year.
The biggest change came in Cook s stock awards.
For fiscal 2022, Apple granted him $75 million in stock awards, half of which were based on how well Apple s shares performed. For fiscal 2023, Cook s stock award target was reduced to $40 million, with $30 million of the total depending on share performance.
If Apple s shares hit performance thresholds, the $30 million in performance awards could double to at least $60 million.