Apple Inc (AAPL.O) is eliminating a small number of roles within its corporate retail teams, Bloomberg News reported on Monday, citing people familiar with the matter.
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The layoffs would impact what Apple calls its development and preservation teams, the report said, adding that the number of positions being eliminated could not be ascertained and was likely very small.
Worries of an economic downturn due to rising interest rates have sparked a series of mass job cuts across corporate America in recent months. Facebook-parent Meta Platforms (META.O) last month said it would cut 10,000 jobs this year, making it the first Big Tech company to announce a second round of mass layoffs.
Apple, however, claimed this was a strategic streamlining move, rather than a wave of layoffs. The company told its workers that it plans on improving the maintenance of stores around the world, and promised to support those who are laid off. Those who were laid off were encouraged to apply for other positions in the company.
This comes some three months after CEO Tim Cook announced that he will take a more than 40% pay cut this year from a year earlier. Regarding this decision, 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.
Cook 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.
In midday trading, Apple shares edged down to $133. The stock has declined about 23% in the past year.