Tim Cook: Apple shareholders approve a 40% pay cut

Today is the meeting of shareholders of Apple and several topics were mentionedincluding the salary of boss Tim Cook for the year 2023. This will experience a significant drop.

If Apple achieves all of its financial goals in fiscal year 2023, Tim Cook will receive compensation approaching $50 million. In detail, this represents a salary of $3 million, a cash bonus of $6 million and shares worth approximately $40 million. This would therefore represent a decrease of 40% compared to last year.

Additionally, shareholders approved a proposal that executive salaries will be decided in an annual vote. Other company executives will earn about $27 million each in 2023. They include chief operating officer Jeff Williams, general counsel Katherine Adams, head of retail Deirdre O’ Brien, Head of Services Eddy Cue, Head of iOS/macOS Craig Federighi, CFO Luca Maestri and more.

Tim Cook used the shareholder meeting to say the company is being very deliberate on hiring and spending as the global economy has remained complex and fears of a recession have surfaced.

Another item is that shareholders had proposed a civil rights audit of Apple’s diversity efforts, demanded that Apple report annually on its reliance on China, and demanded that ‘Apple reports on pay gaps within the company. These proposals did not receive enough votes to be adopted.

Finally, all of Apple’s board members were re-elected, despite proposals calling for the removal of Al Gore and Tim Cook.