Apple CEO Tim Cook To Receive Massive 40 Percent Pay Cut In 2023; Executive Earned Almost $100 Million In 2022

Apple CEO Tim Cook is set to receive a massive 40 percent pay cut in 2023, according to a recent report. Cook’s current salary and stock bonuses have earned him almost $100 million over the past year, with no significant decrease in his salary and payouts in the near future.

This significant cut in Cook’s salary marks a substantial decrease in his paychecks. Over the past year, Cook has reportedly earned nearly $100 million in salary and stock-based compensation. This includes his salary for 2020, which was reported to be almost $15 million, and his 2021 bonus, which was estimated to be around $92 million.

The report indicated that the 40 percent decrease in Cook’s salary would take effect in 2023. The drop will reportedly save the company approximately $52 million in salary-related expenses over the course of the year.

The news comes after Apple posted record-breaking revenue for the 2021 fiscal year. Apple surpassed its own revenue expectation for its fourth quarter and reported revenue of $111.4 billion with a growth of 21% year-over-year. This contributed to Apple’s total revenue for the year hitting $274.5 billion.

It’s unclear why Cook is taking such a large pay cut. However, it’s possible that the move is part of the company’s cost-cutting efforts. Apple has been trimming costs in recent years, such as eliminating certain roles and scaling back hiring. Additionally, the company recently cut its dividend payout to shareholders.

The move is notable, especially considering the size of Cook’s pay cut. If implemented, Cook’s salary would be reduced to just over $60 million, a drop of almost $40 million in one year.

It remains to be seen whether other executives will follow suit and accept pay cuts as well. It’s likely that the company’s other top executives will be asked to consider pay cuts, although it’s unclear how much they’ll be asked to cut.

Overall, the news of Cook’s pay cut is a major change for the company. Apple is one of the most profitable tech companies in the world, and it’s clear that the company is looking for ways to reduce its costs.