Apple backers re-elect entire board at shareholder meeting, support Cook pay
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Apple (NASDAQ:AAPL) shareholders re-elected the tech giant's entire board of directors at its annual investor meeting on Friday, along with approving pay packages for CEO Tim Cook and other executives.
The annual event, held virtually, saw shareholders approve Cook's $49M pay package, which represented a 40% decline from last year's level. Cook, who personally asked for the reduced pay package, will receive $3M in base pay and an annual cash incentive of $6M, along with a $40M equity award package, down from $75M last year.
He was also granted an equity award that is 75% performance 25% time-vested, compared to 50-50 in 2022.
Speaking at the meeting, Cook, 62, said the company is acting very deliberate on hiring and spending as the global economy has continued to remain complex and concerns about a recession have cropped up.
In addition, Apple (AAPL) investors overwhelmingly rejected proposals concerning the company's stance on China and civil rights.
Apple (AAPL) shares fell slightly more than 1% in mid-day trading on Friday.
Separately on Friday, Apple (AAPL) shares were downgraded by LightShed Partners on worries over a "more conservative" outlook for iPhone sales and slowing Services growth.