Apple CEO Tim Prepare dinner is taking an enormous pay lower – on his suggestion. Prepare dinner’s goal compensation will drop by $35 million, in keeping with a brand new regulatory submitting, from $84 million in 2022 to $49 million in 2023. That is a drop of greater than 40 p.c.
The modifications come totally from an adjustment to his fairness worth, which accounts for the majority of Prepare dinner’s whole compensation. In 2022, that worth was estimated to be value $75 million, however this yr, that estimate drops to $40 million. His $three million base wage and $6 million annual money incentive will stay the identical. Bloomberg reported the pay lower earlier Thursday.
To set Prepare dinner’s new wage, Apple’s board compensation committee “balanced shareholder suggestions, Apple’s distinctive efficiency and a suggestion from Mr. Prepare dinner to regulate his compensation based mostly on the suggestions acquired.” In actuality, his 2023 compensation might differ; Prepare dinner truly earned $99.four million in 2022, in keeping with the submitting.