Tim Cook is giving up a large part of his salary – the reason for this was criticism from shareholders and his personal wish.
Apple boss Tim Cook (62) is expected to face drastic salary cuts this year. his remuneration will be reduced by 40 percent in the new financial year. In addition, the Apple boss should receive significantly fewer shares. The reason for this was criticism from shareholders and because Tim Cook himself wanted this measure.
In fiscal 2022, the Apple CEO’s compensation increased to $99.4 million. Most of that money, $83 million, came in the form of a stock package. Of the compensation, $630,600 goes towards personal security and $712,500 towards private jet use. Bonus payments of twelve million US dollars also flowed into Tim Cook’s account.
Tim Cook plans to give away fortune while he’s alive
Despite the massive cuts, Tim Cook can still look forward to a sizeable income. His base salary will remain the same at $3 million. According to a report by the tech group to the US Securities and Exchange Commission, the 62-year-old is reportedly planning to pay out $49 million in the new fiscal year, $40 million of it as a block of shares. Instead of half as before, 75 percent of the allocation of the shares should now depend on the course of business. His private fortune is around $1.7 billion. In an interview, Tim Cook promised to give away his entire fortune during his lifetime.
Source: Stern
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
