Apple has slashed CEO Tim Cook’s pay by 40 percent following a recent shareholder vote questioning his massive compensation package.
14 Jan 2023
The Apple compensation committee made up of Art Levinson, Al Gore, and Andrea Jung decided to lower Cook’s compensation in response to a revolt by shareholders. According to the committee, the pay cut was in response to last year’s say-on-pay vote, in which 64 percent of shareholders voted in favor of Cook’s compensation. This is a significant drop compared to 2020 when 95 percent of shareholders approved Cook’s compensation package.
In keeping with a growing trend of increased pressure on executive compensation from institutional shareholders, Cook’s pay package was reduced. At Apple’s annual meeting the year before, Institutional Shareholder Services advised shareholders to reject Cook’s compensation. The compensation committee claimed that it contacted institutional shareholders to get their feedback on Cook’s pay and adjusted it as necessary.
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