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Cook’s compensation for the fiscal 2022 year ended September was $99.4 million, slightly higher than the $98.7 million he received the previous year, the company said in securities filings.
For 2023, Cook’s compensation target was set at $49 million, more than 40% lower than his 2022 pay. Apple made the changes after 64% of shareholders approved Cook’s pay package at its annual meeting last year, down from 94.9% the previous year.
The biggest change came in Cook’s stock awards.
For fiscal 2022, Apple granted him $75 million in stock awards, half of which were based on how well Apple’s shares performed. For fiscal 2023, Cook’s stock award target was reduced to $40 million, with $30 million of the total depending on share performance.
If Apple’s shares hit performance thresholds, the $30 million in performance awards could double to at least $60 million.
