Cook still stands to make a lot of money in incentives as the Big Tech giant rides a wave of success from the worldwide popularity of the iPhone and its other digital products.
A December vote revealed shareholders had grown increasingly dissatisfied with Cook's pay, which led the billionaire to request a lower salary in recent weeks.
Under the revised pay structure, Cook will make
Cook's 2022 salary was calculated to be 1,177 times higher than the average
Moving forward, 75% of Cook's vesting shares will be linked to
A breakdown of Cook's income in the federal filing shows he made just under
He also receives a lavish benefits package that includes a personal security detail, private plane, a generous 401K contribution match, plus more than
The company's compensation board said it moved on Cook's salary in response to last year's say-on-pay vote, in which support for Cook's salary plunged by more than 30%. Two years ago, 95% of shareholders approved of Cook's pay, compared to only 64% last year.
In recent months, the tech industry has come under increasing pressure from institutional investors to scale back on executive salaries. At
From there,
"Based on these important conversations, we have made changes to the size and structure of Tim's 2023 compensation," the committee wrote, while suggesting other changes could be down the road.
"Taking into consideration
Still, Cook was still praised for his performance over the past year, with the company's board expressing confidence in the CEO's long-term strategic goals.
Depending on how shares perform this year, Cook's income might soar again, but his payday is not likely to be as big after the tech giant dialed back his annual stock equity award.
That incentive allowed Cook to cash in on a much bigger salary in 2022, but this year he is capped from making more than about
The company also made cuts to the number of restricted stock units that Cook could take with him if he retires early.
Cook has been paid a
In
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