Apple CEO Tim Cook will take a $35 million pay cut in 2023

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Apple has released a proxy statement for its 2023 annual shareholder meeting, and the 113-page report indicates that CEO Tim Cook will take a pay cut in 2023. That’s $35 million — the executive director will make $49 million, up from $84 million last year. . year.

His base salary of $3 million and annual cash incentive of $6 million will remain the same, with the larger difference coming from an adjustment to his stock value. Cupertino’s other four top managers did not take pay cuts or incentives.

Tim Cook at the presentation of the iPhone 14 series. Image source: Twitter

Tim Cook’s net worth in 2022 is $75 million, compared to $40 million this calendar year. However, it could earn more than expected due to Apple’s stock price.

The pay cut was proposed by Cook himself “based on feedback received.”

The company is still expected to release a headset for mixed reality, and the Project Titan car is more of a dream than anything else. Cupertino is currently not letting any employees go, as competitors Meta, Twitter and Amazon have already announced layoffs.

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