Apple CEO Tim Cook is taking a huge pay cut in 2023.
Earlier today, Apple released its proxy statement and announced that it will be holding the company's annual shareholders meeting on Friday, March 10, 2023, at 9:00 AM PDT. As part of the proxy statement, the company also released some details about Tim Cook's compensation for the year.
In the filing with the SEC, the company announced that "Mr. Cook’s 2023 target total compensation is $49 million, a reduction of over 40% from his 2022 target total compensation. Taking into consideration Apple’s comparative size, scope, and performance, the Compensation Committee also intends to position Mr. Cook’s annual target compensation between the 80th and 90th percentiles relative to our primary peer group for future years."
The Compensation Committee said that it balanced "shareholder feedback, Apple’s exceptional performance, and a recommendation from Mr. Cook to adjust his compensation in light of the feedback received."
So, even Tim Cook agreed that he should make a lot less money this year. Interesting.
Apple has a lot of financial things coming up
In addition to the annual shareholder meeting coming up in March, Apple has also announced that it will reveal its Q1 2023 earnings in a conference call that is scheduled to take place on Thursday, February 2, 2023. The call, which customarily features Apple's Chief Executive Officer Tim Cook and Chief Financial Officer Luca Maestri, is currently scheduled to kick off at 2:00 PM PT / 5:00 PM ET.
It's not surprising to see that Tim Cook's compensation has been voted down for 2023. The company's share price and market capitalization have taken quite a beating over the last year, much like the rest of the technology industry.
Investors are likely to voice their concerns at the company's annual shareholder meeting in March. We'll have to wait to see how Cook and the executive team handle the pressure.
