Apple CEO Tim Prepare dinner is taking a giant pay lower — at his personal suggestion. Prepare dinner’s goal compensation will likely be reducing by $35 million, in accordance with a brand new regulatory submitting, dropping from $84 million in 2022 to $49 million in 2023. That’s a drop of greater than 40 p.c.
The adjustments come completely from an adjustment in his fairness award worth, which makes up the majority of Prepare dinner’s whole compensation. In 2022, that worth was estimated to be price $75 million, however this yr, that estimate drops to $40 million. His base wage of $3 million and his annual money incentive of $6 million will stay the identical. Bloomberg reported the pay lower earlier on Thursday.
To set Prepare dinner’s new pay, the compensation committee on Apple’s board “balanced shareholder suggestions, Apple’s distinctive efficiency, and a suggestion from Mr. Prepare dinner to regulate his compensation in mild of the suggestions acquired.” In actuality, his 2023 compensation may differ; Prepare dinner really made $99.4 million in 2022, in accordance with the submitting.