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Apple chief pay cut…to £45m: tech giant says decision based on ‘balanced shareholder feedback’
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Apple boss Tim Cook’s salary is being cut by more than 40 per cent this year, but he’s still taking home £45 million.
The 62-year-old will receive £82 million in 2022, including a base salary of £2 million and around £68 million in share awards, plus a bonus.
Apple said the share price for Cook will be cut to £33 million this year, which will hit his total salary.
Criticism: Apple boss Tim Cook’s salary is cut by more than 40 per cent this year, but he’s still taking home £45m
The tech giant said the decision was based on “balanced shareholder feedback, Apple’s exceptional performance and a recommendation from Mr Cook.”
The move comes amid growing criticism from shareholders over the iPhone maker’s poor performance on Wall Street, where shares have fallen 22 percent over the past 12 months.
Last year, advisory group Institutional Shareholder Services urged shareholders to vote against Cook’s salary, which the group said was 1,447 times higher than the average worker.
Like many Silicon Valley giants, Apple has felt the sting of broader technology selloffs and inflationary pressures that are weighing on consumer spending. But unlike its rivals, the tech giant appears to have dodged mass layoffs.