: Tim Cook takes a hefty million pay cut amid rough global market #IndiaNEWS #Business San Francisco: Apple CEO Tim Cook has taken a huge pay cut of million, or more than 40 per cent of his

Tim Cook takes a hefty million pay cut amid rough global market #IndiaNEWS #Business
San Francisco: Apple CEO Tim Cook has taken a huge pay cut of million, or more than 40 per cent of his compensation, amid challenging global macroeconomic conditions.
According to a new regulatory filing in the US Securities Exchange Commission (SEC), Cooks pay will drop from million in 2022 to million in 2023, at his own recommendation, reports The Verge.
The pay change is entirely from an adjustment in his equity value.
In 2022, that value was estimated to be worth million. However, that drops to million this year amid the economic slowdown.
Cooks base salary of million and his annual cash incentive of million will remain the same.
The compensation committee on Apples board acebalanced shareholder feedback, Apples exceptional performance, and a recommendation from Mr. Cook to adjust his compensation in light of the feedback received, read the SEC filing.
Cook actually made .4 million in 2022, according to the filing, the report said.
Amid iPhone production challenges in China owing to Covid-related disruptions, Apples market cap has dropped trillion from its peak a year ago.
Like many other tech companies, Apple has been hit by supply chain issues.
Its manufacturing in China has taken a hit due to a fresh wave of Covid infections in the only major economy combating such a crisis.
While Apples market value has declined significantly, other major technology companies have experienced steeper percentage declines.
Amazon and Facebook-parent Metas shares have fallen by about 50 per cent and 63 per cent, respectively, over the past year, said the report.

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