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
39.1k Upvotes

81% Upvoted

3.9k comments sorted by

View all comments

Show parent comments

936

u/Beny1995 Jan 13 '23 edited Jan 13 '23

Unlikely. Tim Cooks' salary is $3m so -40%= $1.8m. I'd wager he isn't taking a cut on his bonuses.

Meanwhile Meta laying off 10,000 employees with an average wage of $100,000 (very conservative estimate) equals an annual saving of $1bn. Almost 1000 times more saving.

Now, if all apple SVPs and VPs take similar paycuts, we might be in the same ballpark.

Edit: yeah fair dos I didn't read the article, it's his TC getting cut not his salary. Still my point stands that the saving won't come close to layoffs.

743

u/wpScraps Jan 13 '23

"Apple Inc. said in a regulatory filing late Thursday that Cook’s target total compensation is $49 million for 2023, with a $3 million salary, $6 million cash incentive and $40 million in equity awards."

Cook has received a $3 million base salary for the past three years, but his total compensation — which includes the restricted awards — jumped from $14.8 million in 2020 to $98.7 million in 2021 and $99.4 million in 2022.

327

u/tingulz Jan 13 '23

That’s disgusting.

139

u/zimm0who0net Jan 13 '23

Dude, he runs literally the largest company in the world. If you want disgusting, how about the fact that Russell Wilson gets $250M to throw a ball around 16 days a year. And he’s actually really bad at doing it.

87

u/functionallylazy Jan 13 '23

Wilson's compensation is ridiculous, but it's not as simple as throwing a ball around 16 days a year. They added a 17th game last season.

25

u/Emergency_Bluejay397 Jan 13 '23

Important distinction. Thanks for the clarity 🙏

11

u/EcclesiasticalVanity Jan 13 '23

It only took him till the 14th game to score as many touchdowns as has bathrooms in his home.

25

u/Raven_Skyhawk Jan 13 '23

I can be disgusted at both!

2

u/random_account6721 Jan 14 '23

Focus on building yourself up rather than what other people deserve

2

u/Mr_friend_ Jan 13 '23

Exactly right! Or NBA stars that get paid $100 million and can't hit a free throw when everyone else stands still and waits.

3

u/SquisherX Jan 13 '23

Zimm0who0net: Why should I pay you $300? All you did was change a fuse. It literally took you 2 minutes to fix. Do you really think you're worth $9000 per hour?

Electrician: ಠ_ಠ

9

u/skyandbray Jan 13 '23

That's due to the power of unions. Are we against that? His "product" brings in billions of dollars to the owners. Collective bargaining got them 50% of the revenue to go to payroll.

If he wasn't making 250m over 6 years, the billionaire owner would instead. The worker or ownership, who's side are you on?

2

u/RedditIsOverMan Jan 13 '23

I don't think the pay of the top performing athletes comes down so much to players unions.

8

u/skyandbray Jan 13 '23

It absolutely does. The CBA requires 50% of profit to go to payroll. That was due to the unions demands.

It wouldn't be so much money if so many people weren't consuming the product.

5

u/DropKletterworks Jan 13 '23

CBA's aren't for the top 10-20 paid athletes. They're so owners don't spend 20% of revenue on 2-5 players and 1% on the rest of the team. Teams always shelled out for stars, the issue is every other player was getting brain damage for peanuts.

2

u/skyandbray Jan 13 '23

They have a salary cap along with a salary floor. They have to spend x amount of money to avoid penalties. It has to go somewhere. It going to the most valuable position in sports makes perfect business sense.

End of the day, they are all just employees bringing value to their employer.

3

u/RedditIsOverMan Jan 13 '23

Way-to-go players unions!

1

u/cannibalisticapple Jan 13 '23

Athletes, especially NFL players, can at least have some justification for high salaries because they can get permanently disabled or even killed from injuries. I don't think they deserve 9-digit salaries/contracts, but they risk a lot more than CEOs in cushy office jobs so I'd say they deserve the higher compensation more.

They also seem to have a lot more pressure to be involved in charity work than CEOs and other rich people. Really wonder when society shifted away from rich people flaunting their wealth through charity and good deeds, like the Carnegie libraries.

3

u/SublimeDolphin Jan 13 '23

In response to your Carnegie example, all those guys did all their philanthropic work at the very end of their life after having made more money than anyone could ever spend.

Not to downplay the lasting societal impact some of those projects have had, but let’s not pretend they weren’t called “Robber-Barons” for 90% of their lives. They just had the good sense near the end to try to leave a more positive legacy.

3

u/Buckles01 Jan 13 '23

I can’t stress this enough. I see so many people praise Carnegie and Frick, especially through Pittsburgh, but his selfish actions literally killed thousands of people and my hometown still struggles today to recover from the lasting leadership and societal issues that those events transpired. Guy was an asshole his whole life and right before he died he wanted to change public view, but I will never believe he changed himself.

-3

u/ineedastoge Jan 13 '23

People who complain about athlete wages are weird as hell

-10

u/futurepersonified Jan 13 '23

thats also not disgusting. by the same logic hes top 1% of people who play football on the planet so he deserves it even if hes playing like ass

6

u/stagarenadoor Jan 13 '23

He also throws a ball around a lot more than 16 days a year. Training and practice don’t count I guess.

0

u/HumptyDrumpy Jan 14 '23

Throw a ball around in front of tens of thousands people live and televised eternally in front of millions around the world. Not to mention get into dozens of hits with the impact of low-grade car wrecks throughout each one of these 16 days. What are the chances of a CEO getting lifelong CTE or TBI or getting sandwiched by a 6'5" 260 lb linebacker who runs a 4.6 and being able to get up, like at all. I'd actually be okay with rich QBs being scumbags and greedy because they take the hits and it may affect their thinking. What excuse do greedy CEO's have?

-10

u/Bioslack Jan 13 '23

Dude, he runs literally the largest company in the world.

Regardless of what else you said, that right there is simply not true by any possible metric.

-2

u/coffeeandweed58 Jan 14 '23

Wild how much y’all carry water for these wildly rich people like Tim and NFL owners. Anyone could sit in meetings and direct people. Only 32 starting NFL quarterbacks. Bet Tim can’t read a defense in 2secs

1

u/Myllorelion Jan 14 '23

By that same logic though, what does the president of the United States make? What about the top 50 positions in the executive branch? Is it even comparable?