Apple CEO Tim Cook received a pay cut in the technology company’s latest fiscal year following shareholder guidance and a “recommendation” from the executive himself.
Cook’s annual compensation package hit $63.2 million after rising to $99.4 million during the 2022 fiscal year, according to a regulatory filing with the Securities and Exchange Commission.
For the fiscal year ended Sept. 30, Cook’s target compensation dropped to $49 million, down more than 40 percent from the CEO’s 2022 target compensation. As a result, Cook’s performance-based stock awards rose to 75 percent.
For the latest fiscal year, Cook earned a $3 million base salary, while he received another $47 million from stock awards. Beyond that, he made $10.7 million from non-equity compensation and $2.5 million in other compensation, mostly in the form of security costs.
During the 2022 fiscal year, Cook had received a $3 million base salary, roughly $83 million from stock awards, $12 million in non-equity compensation and $1.4 million in other compensation.
He had been paid $98.7 million in 2021.
Apple reported a September quarter revenue record for iPhone and an all-time revenue record in its services business. “We now have our strongest lineup of products ever heading into the holiday season, including the iPhone 15 lineup and our first carbon-neutral Apple Watch models, a major milestone in our efforts to make all Apple products carbon neutral by 2030,” Cook said in November.
The company also said Thursday that former Vice President Al Gore, who has been on its board since 2003, would retire after the upcoming shareholder meeting. Another Apple director, James Bell, is also retiring. Apple named Wanda Austin, the former CEO of The Aerospace Corporation, as a new board member.
“We’re deeply grateful to Al and James for their many years of service to Apple — their insights, energy, and values have made us a stronger company in so many ways,” said Cook in a statement. “For more than 20 years, Al has contributed an incredible amount to our work — from his unconditional support for protecting our users’ privacy, to his incomparable knowledge of environment and climate issues. James’s dedication has been extraordinary, and we’re thankful for the important perspectives and deep expertise he’s offered on audit, finance, and so much more over the years.”