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/Draiko Jan 13 '23

In the bank? No.

Their cash on hand is around $50 Billion.

The entire company has a valuation of $1 Trillion which is very different.

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u/RabidGuineaPig007 Jan 13 '23

The entire company has a valuation of $1 Trillion which is very different.

For example, Tesla had a valuation of $1T, until they didn't. $700B go poof, imagine how much more if Elon wasn't a genius.

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u/Draiko Jan 13 '23

Elon isn't a genius. The world is just seeing more proof of that now.