r/technology • u/geoxol • Jan 13 '23 • Bravo! 1 Helpful (Pro) 1

Apple CEO Tim Cook to take more than 40% pay cut Business

https://apnews.com/article/technology-apple-inc-tim-cook-business-d056553b10120c4a968b562cb7ece5d2
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u/UltraSPARC Jan 13 '23

They restructured his compensation package too. They don’t want him to retire before 2026 so now his comp won’t mature until the end of 2025 instead of yearly. It was something like $119 million. Fun fact: he had a compensation package in 2015 that was $900 million if he held onto all the stock in todays dollars.

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u/BigGreen4 Jan 13 '23

According to the articles, this was his idea, after having listened to feedback from shareholders. He then put it to the shareholders to vote and they agreed, about 66% in favor of the new compensation package.

I just hope the funds saved will remain in employee compensation and be redirected to the employees. This would be a big step forward. (I understand that’s wishful thinking.)

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u/Z23kG3Cn7f Jan 13 '23 edited Jan 13 '23

Apple is worth over $1TN in the bank.

It's their choice to not pay workers decently

Edit: I corrected it to worth, not cash. My bad.

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u/IAP-23I Jan 13 '23

Apple doesn’t have over a trillion in the bank, how does shit like this get upvotes

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u/big_sugi Jan 13 '23

$49 billion, according to the most recent report I saw.

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u/DeeJayGeezus Jan 13 '23

That was around their total profits for the year, not their total holdings. You can find all this information yourself on the 10-K. Public companies need to make all this information very transparent.

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u/big_sugi Jan 13 '23

Apple has famously kept a lot of cash on hand for years. As of 9/30/22, they had $48.3 billion in cash on hand.

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u/testedonsheep Jan 13 '23

it feels good to upvote misinformation that agrees with yourself.

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u/16semesters Jan 13 '23

And them saying Apple doesn't pay their workers well, when they pay above average for every sector of employee?!

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u/Qlinkenstein Jan 13 '23

how does shit like this get upvotes

The disinformation on Reddit is just a prevalent as it is on any other social network site. Some internet “genius” spews forth some BS and it gets repeated ad nauseam until it becomes “true” for some people. Rinse. Repeat.

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u/Zanos Jan 14 '23

Reddit is incredibly ignorant about basic economics when it gets in the way of making a point about a company.

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u/absentmindedjwc Jan 13 '23

Because people love hating on apple

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u/velders01 Jan 13 '23

This is reddit, they'd lynch Ms. Smith down the street running her flower store for "exploiting" workers.

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u/Xalbana Jan 13 '23

Probably called hyperbole.

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u/[deleted] Jan 13 '23 edited Jan 13 '23

Dont they make $1T a year? And wasn’t that data only released a few days ago.

Edit: they have lost $1T in market cap over the past year

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u/kinda_guilty Jan 13 '23

No they don't. Not profit. Not revenue. Not free cash flow. None of those hit 1T.

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u/EverGreenPLO Jan 14 '23

Poor babies with only 180 billion