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Apple to cut its CEO pay package after shareholders pressure

The huge inflation that has the whole world in its grasp is not even sparing the CEO of the biggest tech company in the world. That is right this Inflation is now forcing Apple’s CEO Tim Cook now being faced with a 40% cut in his annual pay package.

According to the company itself, their CEO Mr. Cook requested that his pay package be cut after he found himself on the receiving end of criticism from the stakeholders of the company, who believed that the CEO was getting paid too much and it would put the company in jeopardy.

Apple’s compensation committee did however award their CEO with a targeted compensation amount of 49 million dollars for 2023. In the last year, like most of the companies in the world, the tech giant also faced a sharp decline in market shares due to an unstable economy and high inflation along with supply chain problems.

According to Apple talking in a filing with a US Financial watchdog, The Compensation Committee took into consideration the feedback received from stakeholders, Apple's extraordinary performance in recent times, and a request from Mr. Cook himself to reduce his compensation because of the negative criticism the company has received. This move, however, will not change Mr. Cook’s $3m salary and will give him an additional bonus of 6 million.

The largest difference this move will make is that Apple’s CEO will now be given shares in the firm. Last year, the company gave him 75 million dollars of the company’s market shares, half of which are given based on how well the company performs in the stock market. for this year, however, his shares have been cut to almost 40 million dollars.

Photo: GettyImages

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