Due to rising inflation and economic slowdown, drastic layoffs are taking place in large companies. Meanwhile, Apple CEO Tim Cook has taken a pay cut for himself.
Commenting on this, Tim Cook has said that he believes his current salary is too high and wants to set an example for other executives to follow.
“I always believe in leading by example, and I believe that people in leadership positions should not be overpaid,” Cook said in a statement. Cook said he believes a fair and reasonable salary for a CEO is commensurate with the company’s performance and the overall economic environment.
Cook added that he wants to ensure that Apple’s employees are well-paid and have a positive impact on the communities in which Apple operates. He said the pay cut is a small step Apple is taking to achieve its goals.
Cook’s pay cut is effective immediately, and the money saved will be used to invest in the company’s employees and support charities, it said. And the pay cuts have been applauded by both employees and shareholders.
Many praised Cook for his leadership and commitment to fairness and equality. And this is a great example of putting the interests of Apple and its employees first, an Apple employee said, adding that Tim Cook truly cares about the well-being of everyone at Apple and is willing to make sacrifices to ensure the company’s success.
Apple CEO Tim Cook has been surprised by reports that he has taken a pay cut, so what is his current salary? Let’s see that. Apple CEO Tim Cook has taken a 50% pay cut and will now be paid $49 million instead of his previous salary of $99.4 million.
Tim Cook’s Salary Tim Cook has done this due to many crises despite the request for a pay cut from him to the management. Meanwhile, performance-based shares, which play an important role in Tim Cook’s salary, have been increased from 50% to 75% this year.
As of now, his share is based on the achievement of a target set by Apple’s management, which previously gave him $83 million worth of stock if he achieved 50% of the target. But it is to be noted that in the coming years i.e. from 2023, the shares will be given only if the target of 75% is achieved.
From global to local news (Top Tamil News, Breaking News), Latest Tamil News, all can be found instantly on News18 Tamil (News18Tamil.com) website.
News18 Tamil Nadu TV can be found on ARASU CABLE – 50, TCCL – 57, SCV – 28, VK Digital – 30, SUN DIRECT DTH: 71, TATA PLAY: 1562, D2H: 2977, AIRTEL: 782, DISH TV: 2977.