Apple’s (NASDAQ:AAPL) CEO Tim Cook’s 2023 compensation target is expected to be $49 million, about 40% lower than the previous year. As per the SEC filing, the base salary and cash component of his pay will remain unchanged, while the value of equity awards has been reduced.
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Furthermore, the actual salary will now depend more on AAPL stock’s performance throughout the year. This is because the company’s board has raised the performance-based percentage of stock units awarded to the CEO to 75% in 2023 from 50% in the prior years.
The massive cut in the CEO’s compensation comes due to shareholder complaints over the magnitude of Cook’s stock awards in 2022 and 2021. Reportedly, Cook’s total pay for 2022 was $99.4 million, of which $83 million came from bonuses and stock awards.
Is AAPL a Buy?
The Strong Buy consensus rating for Apple is backed by 22 Buys and five Holds. At $174.29, the average AAPL stock price target implies 30.6% upside potential.
