Final replace: January 13, 2023 6:19 PM IST
Apple CEO Tim Cook dinner has drastically minimize $35 million in pay, or greater than 40% of his compensation, amid difficult world macroeconomic circumstances.
Cook dinner’s wage will drop from $84 million in 2022 to $49 million in 2023 on his personal advice, based on new regulatory filings with the U.S. Securities and Alternate Fee (SEC).
The change in wage is completely as a result of adjustment within the worth of his personal capital.
In 2022, this value was estimated at $75 million. Nonetheless, this quantity will fall to $40 million this yr amid the financial downturn.
Cook dinner’s $3 million base wage and his $6 million annual money bonus will stay the identical.
The Apple Board of Administrators Compensation Committee weighs in on the suggestions from shareholders, Apple’s distinctive efficiency, and Mr. Cook dinner’s advice to regulate his compensation in gentle of the suggestions obtained,” the SEC stated within the submitting.
“In keeping with the paperwork, Cook dinner truly made $99.4 million in 2022,” the report stated.
Amid issues with iPhone manufacturing in China because of Covid-related disruptions, Apple’s market capitalization has fallen by $1 trillion from its peak a yr in the past.
Like many different know-how corporations, Apple has confronted provide chain issues.
Its manufacturing in China has been hit by a brand new wave of Covid infections in the one main financial system battling such a disaster.
Whereas Apple’s market worth has declined considerably, different main tech corporations have skilled sharper share declines.
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(This story was not edited by the News18 employees and is revealed from a information company syndicated channel)