Apple Chief Executive Tim Cook’s pay package for the fiscal year 2023 is expected to be smaller than last year.
Don’t worry about Cook, though it may be 40% lower, but the target is still $49 million.
According to regulatory filings, his compensation will depend more on how well the iPhone maker’s shares perform relative to market peers.
Cook’s compensation for the fiscal year 2022 was $99.4 million, slightly higher than the previous year.
Apple made the changes after 64% of shareholders approved Cook’s pay package at its annual meeting last year, down from 94.9% the previous year.
It is all about Cook’s stock awards.
Apple granted him $75 million in stock awards in 2022, half of which were based on stock performance.
Of the $40 million in stock awards for fiscal 2023, $30 million depends on share performance.
If Apple’s shares hit performance thresholds, the $30 million could double to at least $60 million.
Apple sales were up 8% compared with a year earlier at around $90 billion, a record for that quarter, according to the Wall Street Journal.
The company’s total revenue, iPhone sales and net income all topped estimates for the quarter.
Apple shares are off 24% in the past year.
Reuters contributed to this report.