These six CEOs will take pay cuts in order to avoid more layoffs and fight hard times. Industrywide reductions continue.

Apple CEO Tim Cook will take a 40% salary cut in 2023. This brings his annual target salary up to $49,000,000 per document filed with Securities and Exchange Commission in January.

This was in response to recent controversy over his high salary. A shareholder advisory firm urged Apple investors to vote against Cook’s almost $100 million salary package in 2022.

SEC filing refers to “concern” over Cook’s total year compensation in 2021-2022. It notes that the 2023 reduction is due to “balancing shareholder feedback”, a desire for continued to create meaningful performance incentives and retention incentives, as well as Mr. Cook’s support of changes.”

Intel CEO Pat Gelsinger declared on February 1st that he would be taking a 25% salary cut this fiscal year. This was part of an effort at reducing costs and preventing layoffs. Gelsinger will join other top executives of the company who are also taking salary cuts that range from 5% to 15%.

According to an Intel spokesperson, these changes will have a greater impact on our executive population and will support the investments and workforce required to accelerate our transformation and reach our long-term strategies,” .

David Solomon, CEO of Goldman Sachs, took a 30% salary cut in 2022. This brought his total to $25 million.

According to a filing with SEC, his base pay remained at $2 million and he earned $23 million annually in variable compensation. This is down from $33million the year before.

This reduction was made as the bank battled economic headwinds. laid off 6.5%. In 2022, James Gorman,Morgan Stanley CEO, took a 10% pay cut and earned $31.5 million.

According to Bloomberg, the reduction was due to “a difficult economic and market environment”, which was “not as robust as the previous year in which the firm achieved record financial results.”

The company had to lay off 2% of its global workforce by 2022, which is approximately 81,000 people.

Sundar Pichai (CEO of Google parent company Alphabet) told employees in January that top executives would see a “very substantial reduction” in their annual bonuses, but did not specify how much or how long.

During an all-hands meeting, Pichai informed employees that the cuts were “tied directly” to company performance. 

The comments were made shortly after the company announced that it was cutting 6% of its staff. This is an estimate of 12,000 employees. Pichai stating that the cuts will be made across Alphabet’s product areas, functions and levels as well as regions.

Jamie Dimon, JPMorgan CEO, received the same salary of $34.5 million in 2022 as in 2021. However, there was a significant difference last year in that he wasn’t given a “special award”, worth millions.

The JPMorgan board stated in a January SEC filing that it had “committed not to grant any special awards for him in the future.” Marketwatch reported that his $84.4 million salary for 2021 was $52.6 million higher than expected.

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