Apple CEO Tim Cook has taken a voluntary 40% pay cut for 2023. It’s an unusual move “in response to shareholder ,” according to the company’s annual proxy statement.
The decision set Cook’s compensation target from his $84 million in 2022 to his $49 million.
Apple declined to comment further on the Washington Post’s decision. However, the proxy statement acknowledges the decision that “balanced shareholder feedback, a desire to continue to provide meaningful performance and retention incentives, and Mr. Cook’s support for the change in compensation.” .
Salary cuts by executives are unusual, but CEO salaries have become a growing source of public frustration amid a growing debate about income inequality. Executive salaries have increased 1,460% since 1978, according to an Economic Policy Institute analysis. The CEO will be paid 399 times more than a typical employee in 2021. This is the best ever.
