Apple decided to reduce its chief executive Tim Cook’s salary by 40 percent in 2023 to $49 million in total compensation, the company said in a filing with the Securities and Exchange Commission (SEC).
This came upon Cook’s request following shareholder criticism of his salary volume, the company added in the statement.
Last year the iPhone maker’s shares fell sharply in the face of supply chain issues and a global economic slowdown.
Apple continued that this move will see Cook’s annual basic salary unchanged at $3 million, as well as a bonus of up to $6 million.
The target for Cook’s compensation for 2022 was $84 million, although his actual total pay for last year was $99.4 million.
That figure included $630,600 in personal security costs and $712,500 for his use of a private jet.
Since Cook took over as CEO in 2011, Apple shares are back up 1,212 percent versus 290 percent for the S&P 500, Apple added.
In addition to reducing the overall target, 75 percent of Tim Cook’s grant shares will be tied to Apple’s stock performance in 2011. 2023, instead of 50 percent.
