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Tag Archives: Cook
Apple CEO Tim Cook to take more than 40% pay cut
Apple CEO Tim Cook will take a more than 40% pay cut this year from a year earlier as the company adjusts how it calculates his compensation partly based on a recommendation from Cook himself.
Apple Inc. said in a regulatory filing late Thursday that Cook’s target total compensation is $49 million for 2023, with a $3 million salary, $6 million cash incentive and $40 million in equity awards.
Last March the Cupertino, California, company conducted an advisory shareholder vote on executive pay with 6.21 billion shares voting in favor of the executive pay package and 3.44 billion against. There were also abstentions and broker non-votes.
Apple said its compensation committee took into account shareholder feedback, the company’s performance and a recommendation from Cook, who was promoted to CEO in 2011, to adjust his compensation in light of the feedback received.
Apple said last year it sought feedback from shareholders about compensation and it received “overwhelming support for Mr. Cook’s exceptional leadership and the unprecedented value he has delivered for shareholders….Those shareholders we spoke with that did not support our 2022 Say on Pay proposal consistently cited the size and structure of the 2021 and 2022 equity awards granted to Mr. Cook as the primary reason for their voting decision,” the company said.
Cook has received a $3 million base salary for the past three years, but his total compensation — which includes the restricted awards — jumped from $14.8 million in 2020 to $98.7 million in 2021 and $99.4 million in 2022.
Apple said Cook supported the changes to his compensation.
The company plans to position Cook’s annual target compensation between the 80th and 90th percentiles relative to its primary peer group for future years, according to the filing.
The company will hold its annual meeting March 10.
In midday trading, Apple shares edged down to $133. The stock has declined about 23% in the past year.
Apple’s Tim Cook to take 50% pay hit after shareholder feedback | Apple
The Apple chief executive, Tim Cook, is expected to have his pay cut by almost 50% this year to about $49m (£40m) after the billionaire boss asked the company to “adjust his compensation” in the light of feedback from shareholders disappointed at the fall in the company’s share price.
Cook, 62, who became CEO after the co-founder Steve Jobs stepped down before his death in 2011, was paid $99.4m in 2022 and $98.8m in 2021. But the company said in a regulatory filing late on Thursday night that it had set a “target compensation” of $49m for 2023.
“The compensation committee balanced shareholder feedback, Apple’s exceptional performance, and a recommendation from Mr Cook to adjust his compensation in light of the feedback received,” Apple said in the filing.
Cook’s annual base salary and bonus will remain unchanged at $3m and $6m respectively. But the “targeted” amount he will be given in share-based bonuses will fall from $75m last year to $40m this coming year.
The amount given in share bonuses will also be more dependent on Apple’s share price performance than it was last year. Now 75% of the share bonus is dependent on Apple’s stock market performance, up from 50% last year.
Apple’s shares have fallen by 23% over the past 12 months to $133.41 at the close on Thursday, raising concerns among some shareholders.
The company said 64% of shareholders backed its pay plans at its annual meeting last year but acknowledged that there had been a “notable year-over-year decline, as our annual ‘say on pay’ proposals have received much higher levels of shareholder support for many years”.
The shareholder advisory service Institutional Shareholder Services last year urged investors to vote against Cook’s pay package, saying there were “significant concerns” over the “design and magnitude” of the package. ISS pointed out that Cook was paid 1,447 times more than the average Apple employee.
Apple said it had reached out to investors to hear their concerns. “Those shareholders we spoke with that did not support our 2022 ‘say on pay’ proposal consistently cited the size and structure of the 2021 and 2022 equity awards granted to Mr Cook as the primary reason for their voting decision,” the company said.
“Balancing shareholder feedback, a desire to continue to create meaningful performance and retention incentives, and Mr. Cook’s support for changes to his compensation to reflect the feedback received, the compensation committee maintained the cash components of Mr Cook’s 2023 compensation and reduced his target equity award grant value,” it added.
Cook’s total $99.4m pay last year included $630,600 in personal security costs and $712,500 of private jet usage. His 2022 pay was slightly higher than the $98.8m collected in 2021 but that was more than 570% higher than the $14.7m he was paid in 2020.
Cook, who is sitting on a personal fortune of more than $1bn, according to the Bloomberg Billionaires Index, has said he plans to give away all of his fortune before he dies. In 2015 he told Fortune magazine that he planned to donate all of his wealth to charity after providing for his then 10-year-old nephew’s education.
Tim Cook, Apple’s CEO, agrees to a 40% target pay cut
London
CNN
—
Apple CEO Tim Cook recommended the company cut his pay this year after shareholders rebelled.
The world’s largest tech company said it would reduce Cook’s target pay package to $49 million, 40% lower than his target pay for 2022 and about half Cook’s $99.4 million total compensation that he was granted last year.
The vast majority of Cook’s 2022 compensation — about 75% — was tied up in company shares, with half of that dependent on share price performance.
But shareholders voted against Cook’s pay package after Apple’s stock fell nearly 27% last year. The vote is nonbinding, but the board’s compensation committee said Cook requested the reduction.
“The compensation committee balanced shareholder feedback, Apple’s exceptional performance, and a recommendation from Mr. Cook to adjust his compensation in light of the feedback received,” the company said in its annual proxy statement released Thursday.
This year, the executive’s share award target has been cut to $40 million. About $30 million, or three-quarters, of that is linked to share price performance.
Cook’s base salary of $3 million will stay the same, the company said, as well as a $6 million bonus.
The board said it believes Cook’s new pay package is “responsive to shareholder feedback, while continuing both to align pay with performance and to recognize Mr. Cook’s outstanding leadership.”
The tech boss, who has headed up Apple since 2011, is estimated to have a personal wealth of $1.7 billion, according to Forbes.
Apple’s share price, like other tech companies, plunged last year as coronavirus lockdowns shuttered some of its factories in China. Supply chain bottlenecks and fears that a global economic slowdown would crimp demand also dragged down its stock.
In January last year, the tech giant became the first publicly traded company to notch a $3 trillion market capitalization, yet has has shed nearly $1 billion of that value since.
Tim Cook Reveals iPhones Use Sony Camera Sensors
This month Apple CEO Tim Cook took to Twitter to confirm that Apple does use Sony image sensors in its iPhones.
“We’ve been partnering with Sony for over a decade to create the world’s leading camera sensors for iPhone,” Cook tweeted out, along with an image of him looking at an iPhone.
We’ve been partnering with Sony for over a decade to create the world’s leading camera sensors for iPhone. Thanks to Ken and everyone on the team for showing me around the cutting-edge facility in Kumamoto today. pic.twitter.com/462SEkUbhi
— Tim Cook (@tim_cook) December 13, 2022
This admission from Cook is rare for Apple, as the company is known for being very secretive about the type of components that powers its smartphones. Although this is not entirely surprising for some, there have been rumors over the years that hinted that Apple was using some Sony hardware as components for iPhones.
Cook’s tweet suggests that the partnership is still ongoing. In a recent report from Nikkei Asia, the outlet claims that the next iteration of iPhones will include Sony’s latest “state of the art” image sensors. Further noting that these new image sensors will be able to capture more light and reduce over and underexposure, of course, we certainly will know once these new phones are out to really test this.
Taylor is the Associate Tech Editor at IGN. You can follow her on Twitter @TayNixster.
How Tim Cook placated Elon Musk
Apple CEO Tim Cook is known for being an excellent communicator, and that was on full display this week as he navigated Elon Musk’s flurry of accusations against Apple. A new report from the Financial Times this weekend offers a deeper look at how former Apple executives view Cook’s skills, with the caveat that there’s one issue he hasn’t yet resolved…
The last week has been a whirlwind when it comes to the relationship between Elon Musk and Apple. The new Twitter owner started the week off with a series of rapid-fire tweets accusing Apple and Tim Cook of halting its advertising spend on Twitter, suggesting that they “hate free speech.”
For Apple, it was a PR nightmare of sorts, as Musk encouraged his army of followers to start a “revolution against online censorship in America” and called on Apple to “publish all censorship actions it has taken that affect its customers.”
Musk also said that Apple had “threatened to withhold Twitter from its App Store,” but wouldn’t explain why. Rather than engage publicly, Tim Cook privately invited Musk to Apple Park for a meeting. Musk then took to Twitter to thank Cook for the meeting and tour of Apple Park, adding that everything was a “misunderstanding.”
The Financial Times spoke to a “former Apple veteran of more than 10 years” regarding Cook’s ability to placate someone like Musk:
“I’m sure Tim charmed him,” the person said. “He wanted to hear [Musk] out. And I’m sure Tim gave his perspective. That’s what Tim does: he rolls up his sleeves and fixes problems. He’s not into big public disputes, whether it’s a PR dispute or something more contentious. That’s not his MO. He’s not like Elon.”
Apple co-founder Steve Wozniak added that Cook’s “best skill is just understanding the need to take care of everyone” and “being multidisciplinary and not having a favorite.”
John Sculley, who severed as Apple CEO before Steve Jobs returned to the company, elaborated further:
“The first trillion dollars came from Jobs and Ive, the next trillion came from what Tim Cook has done. He does it in a quiet way and doesn’t draw attention to himself, but he does a remarkable job. When you hold an iPhone in your hand, the names that come to mind immediately are Steve Jobs and Jony Ive, but the contributions Tim Cook has made are just as relevant.”
The China problem
But with all of that said, the Financial Times makes note of the biggest crisis Tim Cook has yet to solve — or even publicly comment on. Apple is heavily dependent on China for manufacturing, and as we’ve covered over the recent weeks, its primary “iPhone City” has been rocked by Covid shutdowns and protests.
Apple also made the controversial decision to limit functionality of AirDrop in China after protesters used the feature to spread materials in opposition to the Chinese government.
A report from the Wall Street Journal says that Apple is pressing ahead with its efforts to diversify its supply chain outside of China. As it does that, however, China will still remain an incredibly important market segment for Apple in terms of iPhone sales.
During a visit to Washington DC this week to meet with lawmakers and attend the White House State Dinner for French President Emmanuel Macron, Cook was asked by a reporter “whether he supports Chinese citizens’ right to protest.” He did not respond.
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Chiefs injury update: Tershawn Wharton, Frank Clark, Bryan Cook, Rashad Fenton, Chris Lammons
The Kansas City Chiefs held on to win an AFC West Monday Night Football thriller against the Las Vegas Raiders, but they were unable to come out injury-free.
Chiefs head coach Andy Reid provided an injury update at the podium following the 30-29 win. Reid started by saying that defensive tackle Tershawn Wharton tore the ACL in his left knee, meaning his season is over. Wharton suffered the injury in the game’s first quarter.
In four games for the Chiefs in 2022, Wharton recorded eight tackles (four solo) and a sack. Entering Monday, Pro Football Focus credited him with five quarterback pressures.
Wharton’s season-ending injury leaves a defensive tackle room made up of Chris Jones, Derrick Nnadi and Khalen Saunders. The Chiefs also currently have Cortez Broughton, Danny Shelton and Taylor Stallworth on their practice squad. The expectation is that one of those players would be called up to the 53-man roster to fill Wharton’s shoes.
The Chiefs had four other minor issues. Defensive end Frank Clark left the game due to illness, safety Bryan Cook suffered a concussion, cornerback Rashad Fenton cramped up and cornerback Chris Lammons hurt his right hip.
Tim Cook revealed the real reason Apple won’t add RCS to the iPhone
Last night, Tim Cook shot down the possibility of solving the green bubble problem — and he revealed the real reason why Apple won’t do it: it doesn’t sell iPhones.
At Vox Media’s Code conference, an attendee told Cook that it was difficult for him to send videos to his mom because Apple devices don’t support RCS, the texting protocol championed by Google and supported by major phone carriers. Cook, in response, suggested the attendee buy his mom an iPhone. “I don’t hear our users asking that we put a lot of energy in on that at this point,” Cook said.
This seems to be the first time Cook has publicly addressed RCS, the Rich Communications Services protocol. RCS is a major improvement over SMS and MMS, letting you do things like send higher-quality photos and videos, and it would fix many of the issues you run into when texting between Apple and Android devices. But Apple has so far refrained from offering support, and the distinction between iMessage’s blue bubbles and regular text message’s green ones has remained a thorn in Google’s side.
Apple has deliberately chosen to make a superior texting experience via iMessage an Apple-only thing — and Cook’s comments on Wednesday speak to that choice. For years, it’s been a key part of Apple’s strategy to lock in users to its platforms. Emails revealed as part of Epic Games v. Apple showed top execs like Craig Federighi (in 2013) and Phil Schiller (in 2016) making the case that bringing iMessage to Android wouldn’t benefit Apple. Eddy Cue testified in a deposition that Apple could have made an Android version of iMessage that was compatible with iOS, but that obviously hasn’t been publicly released.
By making iMessage an Apple-only product — and by continuing to improve it with features like the ability to edit and unsend messages — Apple can make the case that the best way to message your friends is on an Apple device using Apple’s messaging app. While the company could theoretically adopt RCS and keep iMessage on Apple devices, it benefits by creating as much separation as possible between text messaging across Apple and Android. That means more people will buy more iPhones.
Google has been campaigning hard in recent months for Apple to adopt RCS. Google has implemented it in Android, of course, and it’s also now supported by AT&T, T-Mobile, and Verizon (after a very slow rollout). And given that all three have committed to making Google’s Android messaging app the default texting for Android phones they sell, it’s much more likely that people will just text over RCS without thinking about it.
Google SVP Hiroshi Lockheimer has led the charge, joking that there’s a “Really Clear Solution” to messaging struggles and saying that Apple is “holding back” customers who text. The company also recently launched a website, “Get The Message,” to try shaming Apple into adopting RCS.
Lockheimer understands Apple’s resistance to RCS, “but people should be able to send high quality videos and photos to their mom without having to buy her a new phone,” he said. Cook, it seems, disagrees.
Is the iPhone 14 worth it? Apple CEO Tim Cook made one ‘brilliant move,’ but our verdict might surprise you.
Hello and welcome to Financial Face-off, a MarketWatch column where we help you weigh financial decisions. Our columnist will give her verdict. Tell us whether you think she’s right in the comments. And please share your suggestions for future Financial Face-off columns.
Apple’s
AAPL,
-1.25%
latest iPhone is out. The iPhone 14 comes in four models: the basic iPhone 14, a “supersized” (Apple’s word) version called the iPhone 14 Plus, and the iPhone 14 Pro and the iPhone 14 Pro Max. The basic starts at $799, the Plus starts at $899, the Pro starts at $999 and the Pro Max starts at $1,099.
All four models boast more advanced front and back cameras and safety features that can detect whether you’ve been in a car crash and help you call 911, even if you’re in an isolated area with limited cell service. The 6.7-inch iPhone 14 Plus has “the best battery life ever in an iPhone,” the company said.
All told, the iPhone 14 models “have incredible new features that will help our users in meaningful ways,” Apple chief executive Tim Cook said at Wednesday’s unveiling.
How meaningful those upgrades really are remains to be seen. But there’s no denying that the birth of the iPhone 15 years ago marked the beginning of a new, more intimate relationship between humans and their phones. Some might say that connection has morphed into codependency; people can’t seem to function without their smartphones.
Is now the time to take that relationship to the next level and get a new iPhone?
Why it matters
“I think keeping the price at $799 was a brilliant move on Apple’s part,” said Charles Lindsey, associate professor of Marketing, University at Buffalo School of Management a professor at the University at Buffalo. “By not raising the price, they will not only capture early sales from the Apple innovators/early adopters (who typically buy new versions as soon as possible) but they will also pull in/convert your more mainstream users (who are typically slower to upgrade).”
The iPhone 14 comes in “stunning” colors including deep purple and starlight. Those pretty hues contrast with some gloomy economic data in the U.S.: Record-high inflation has pushed Americans’ cost of living way up, home prices and rents have soared, and credit card debt has piled up as pandemic-related government relief has receded. The labor market remains extremely tight, but some companies have been laying off employees or freezing hiring.
All of that may make consumers skittish about shelling out close to $1,000 on a phone. Which may explain Apple’s decision to keep the base price of the iPhone 14 exactly the same as the starting price for the iPhone 13, unveiled in 2021.
The price isn’t the only thing that didn’t budge.
“The base iPhone 14 model is actually almost identical to the 13,” said Melanie Pinola, a senior writer and editor on the smartphone beat at Consumer Reports.
Based on what Pinola saw at Wednesday’s unveiling, it appears that the iPhone 14 has the same display, processor, overall design and the same battery as the 13. “If you have a 13, I don’t know if I would switch to a 14 this year,” Pinola said. “There are small improvements with the 14, but I wouldn’t say I would rush out right now.”
The most notable change among the iPhone 14 models is the new larger version, the iPhone 14 Plus, with a 6.7-inch display, which is similar in size to the Samsung Galaxy S22, Pinola said. “This is the first time that Apple has ever made a large screen phone under $1,000, so it’s more accessible for people who want a larger phone,” Pinola told MarketWatch.
The verdict
Skip the iPhone 14, unless your existing phone is on life support. “If you’re not able to get security or software updates, it’s definitely time to get a new phone,” Pinola said.
My reasons
Tech companies have trained us to line up for new products on their schedule. But should Apple dictate when you spend money? Maybe that’s how it became one of the world’s most profitable companies. But blindly following Apple’s marching orders is not how you will become the most profitable version of yourself.
Is my verdict best for you?
On the other hand, the fact that Apple kept the starting price the same on the iPhone 14 could make an upgrade easier to swallow, said Philip Michaels, U.S. managing editor at the product review site Tom’s Guide.
“People who bought the iPhone 13 last year are probably still very happy with their phones and will have little reason to upgrade,” Michaels told MarketWatch. “And given Apple’s track record of lengthy software support — iOS 16 works fine on phones released five years ago — it’s easy to hold onto your current iPhone for a long time.”
“That said, if you’ve got an iPhone 11 or earlier, you will definitely notice an improvement in performance, even with the A15 Bionic chip on the iPhone 14 as opposed to the more advanced A16 Bionic powering the Pro models. Cameras figure to produce better results, too, though testing Apple’s new phones will confirm that. Because Apple held the pricing at iPhone 13 levels despite the rumors of price hikes, an upgrade is even easier to justify,” Michaels said.
Another possible incentive to upgrade: deals available through Apple can cut up to $800 off the price tag of the iPhone 14, and major mobile phone carriers including AT&T
T,
-0.45%,
T-Mobile
TMUS,
-0.41%
and Verizon
VZ,
+0.40%,
are offering discounts as well.
If you’re trying to decide whether to upgrade, don’t forget about the value of your existing phone, said Josh Lowitz co-founder of Consumer Intelligence Research Partners, publisher of the upcoming CIRP-Apple report on Substack.
“Used iPhones have real value, as trade-ins or hand-me-downs to family or friends,” Lowitz said. “Our data shows that about half of new iPhone buyers trade-in or sell their old phone, and more than a third of those who monetize their old phone, report that it was worth more than $300.”
Retail promotions, including enhanced trade-in offers, can reduce the cost of ownership further, he noted.
Another key point: mobile carriers are offering longer payment plans. In the past, phone purchases were generally broken up into 24 or even 18 or 20 payments. Now, 30 and 36 monthly payment plans are common, Lowitz said.
“That reduces the monthly outlay, though it postpones the relief of making that final payment, and the new phone buyer needs to be confident that their phone will serve them that long. Even with the strong residual value of an iPhone, a buyer with 36 payments may have negative equity in their phone into their third year of ownership,” Lowitz said.
Apple shares closed almost 1% up Wednesday after the iPhone 14 event, but they are down 12% year to date. The Dow Jones Industrial Average
DJIA,
+0.30%
and the S&P 500
SPX,
+0.33%
are down 13.5% and more than 16%, respectively, this year.
See also: Think twice before you trade in your old smartphone or tablet — you could make more money ‘upcycling’ on resale sites
Tell us in the comments which option should win in this Financial Face-off. If you have ideas for future Financial Face-off columns, send me an email.
Learn how to shake up your financial routine at the Best New Ideas in Money Festival on Sept. 21 and Sept. 22 in New York. Join Carrie Schwab, president of the Charles Schwab Foundation.
Tim Cook says ‘buy your mom an iPhone’ when asked about RCS
TL;DR
- Tim Cook says Apple users aren’t keen on getting RCS messaging support on iPhones.
- He told a person at a conference to get their mom an iPhone to solve the green bubble problem.
- Google’s Android SVP says you shouldn’t have to do so.
Update: September 8, 2022 (4:51 AM ET): Google’s SVP of Android Hiroshi Lockheimer has responded to the Apple CEO’s comments about RCS. He says people shouldn’t have to buy their mom’s new iPhones just to send photos and videos. You can see Lockheimer’s tweet below and read what Tim Cook said about RCS support on iMessage in the original article below.
It’s clear why Apple is opposing interoperability. But people should be able to send high quality videos and photos to their mom without having to buy her a new phone. #GetTheMessage https://t.co/j93wQRSqi6
Original article: September 8, 2022 (12:55 AM ET): Apple CEO Tim Cook took to the 2022 Code Conference to say a few words about RCS support in iMessage. Answering a question from an audience member during a panel discussion with Jony Ive and Laurene Powell Jobs, Cook said Apple users aren’t keen on getting RCS support on the iPhone.
Cook’s exact response to the question about RCS on iPhones was as follows:
I don’t hear our users asking that we put a lot of energy on that at this point.
His response to the questioner was “buy your mom an iPhone” to solve the green bubble problem. Interestingly, the Apple CEO said RCS is not a priority “at this point.” So it looks like he didn’t completely dismiss the possibility of RCS support on iPhones in the future.