Apple CEO Tim Cook to take 40 percent pay cut, still make almost $50 million in 2023

The news comes as Apple hits record sales and subscription growth

Apple CEO Tim Cook will earn significantly less in 2023.

According to a proxy statement filed by the company, Cook’s paycheck will equal $49 million USD (roughly $65 million CAD) this year, a 40 percent reduction from 2022.

The pay cut came from Apple’s Compensation Committee. Shareholder feedback also went into the decision, which Cook both recommended and supported.

The pay decrease isn’t a sign of a struggling company. The statement shows Apple’s net sales grew by eight percent in 2022, hitting $394 billion. Its products succeeded in countries worldwide, hitting sale records for iPhones, Mac, Wearables products, and Home and Accessories. Apple now has 900 million paid subscribers, a 155 million increase year-over-year.

The company is also reportedly working to move production elements in-house. Screen production could move as early as 2024, and modem, Wi-Fi and Bluetooth chips could follow in 2025.

“Taking into consideration Apple’s comparative size, scope, and performance, the Compensation Committee also intends to position Mr. Cook’s annual target compensation between the 80th and 90th percentiles relative to our primary peer group for future years.”

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Source: Apple Via: iPhone in Canada