When the world economy is facing challenging conditions and everyone would require more than they ever had to fulfill their demand, Tim Cook has taken a $35 million pay cut out or more than 40% of his total compensation.
According to a new regulatory filing with the US Securities and Exchange Commission(SIC), Cook’s pay will be reduced from $484 million to $49 million in 2023. Though there can be a number of reasons surfacing on the internet the sole reason for this is equity value adjustment.
In 2022 value of equity was $75 million but it fell to $40 million this year. As of now, reports have suggested that Tim will be getting $3 million in basic pay and a $6 million cash bonus each year. Due to the Covid disruption and iPhone production challenge in China Apple’s market cap has dropped $1 trillion.
Other than Apple a number of other companies are also facing challenges posed by the recession and Covid. Reports have suggested that Amazon and Facebook parent Meta’s shares have also fallen by 50%and 63%.
