The CEO of Apple Lossless Audio CODEC (ALAC),, Tim Cook, has submitted a proposal to cut $35 million from his compensation in 2023, a payment that is tied to the company's performance.
Compared to $84 million in 2022, Cook's compensation in 2023 will be "only" $49 million.
BUT: Apple will start producing screens for its devices
The information was disclosed in documents sent to the regulatory authorities and shared by the The Verge site. The proposal will now be evaluated by Apple's investors and must be approved at the company's Investor Day that will take place on March 10.
Note that despite this reduction, the $3 million salary and $6 million annual incentive will not change.
