There is a remarkable development going on regarding Tim Cook, the CEO of US-based technology giant Apple. Cook will receive a lower salary in 2023 at his own recommendation. Yes, Tim Cook has cut Tim Cook’s salary.

Cook’s target revenue in 2022 was $84 million. The amount valid for 2023 is will be $49 million. So Tim Cook cut his own salary by more than 40 percent. In Cook’s $3 million annual base salary and $6 million incentive bonus, there was no there will be no change.

Can still earn more!

The decision made at Apple has officially reduced Tim Cook’s salary. At the moment, however, something is different. Tim Kok on paper the written amount On can also make a profit. This will depend entirely on Apple’s annual revenue. According to Apple data, Tim Cook will instead spend $84 million in 2022. $99.4 million had benefited. The reason is that Tim Cook receives a salary in Apple stock in addition to his cash salary.

So why did Tim Cook recommend cutting his salary?

CEOs of technology giants such as Tim Cook and Elon Musk receive an ‘award’ bonus if the company also meets the set targets in addition to their fixed salary. More importantly, these bonuses determine the actual wages these tech bosses will receive, as in the case of Tim Cook, the fixed salary is around $9 million while the bonuses can be as high as $70 million.

By the way, Tim Cook’s recommendation was based on shareholder feedback. In the statement from Apple’s finance committee on the subject: “Shareholder feedback, Apple’s outstanding success and other feedback, with advice from Tim Cook balanced.expressions were used.

It should also be noted that CEO salaries are not dusty for the first time. Previously, Elon Musk faced a $50 billion lawsuit over a similar issue: