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8 february, 2023
Tim Cook decided to reduce his annual pay package by over 40% amid huge layoffs in Big Tech.
Last week Google came out with news of firing 12,000 employees — its largest layoff in history. Over the last few weeks Microsoft, Amazon, and Meta do the same thing due to economic conditions.
Google became the last of FAANG (Facebook, Apple, Amazon, Netflix, Google) to implement layoffs. The company fired 6% of its personnel amid a 27% drop in profit last quarter compared to the year before.
But that's not an Apple-way thing. Unlike others, the company don't fire any employee, but its CEO Tim Cook cuts his own pay package by almost 50%.
The technology giant says Mr Cook would receive up to $49m for 2023. In 2022 the company granted to CEO $75 millions of shares, only half of which were based on how well Apple performed on stock market.
This year that changed. Cook's stock award now has been cut to $40 millions, with three quarters of that depends on share performance. His annual basic salary stay unchanged at $3 million as well as a bonus up to $6 millions.
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