Apple CEO Tim Cook Takes 40% Pay Cut In Salary

 Apple Inc., an American multinational technology company, is cutting its Chief Executive Officer (CEO) Tim Cook's compensation by more than 40 percent to $49 million for the year 2023.

As part of the changes, Apple has announced a significant reduction in Cook’s salary, citing a request from Cook himself to adjust his salary. 

Reportedly, the proportion of stock units granted to Cook and linked to the performance of the company will rise to 75 percent in 2023 from 50 percent in subsequent years.

Apple said in a regulatory filing on Thursday that Cook received compensation of $99.4 million, including $3 million in base salary as well as $83 million in stock awards and a bonus in 2022. In 2021, his total pay package was $98.7 million. In 2022, he received $99.4 million in payouts.

According to the BBC, Cook requested the pay cut for 2023 after criticism from shareholders. The technology giant committee awarded Cook a total "target compensation" of $49m for 2023.

Last year, Apple shares fell sharply due to the global economic slowdown. 

A leading investor advisory group also urged Apple shareholders to vote against Cook's pay package. Subsequently, Institutional Shareholder Services criticized Apple. Institutional Shareholder Services said that there were "significant concerns" over the package. It claimed that Cook's pay was 1,447 times more than the wage of an average Apple employee.

Reportedly, Cook's total compensation for the year 2023 could fluctuate based on the stock performance of Apple. 

According to Forbes, Cook’s wealth stands at around $1.7 billion. He also pledged to give away his entire fortune to charitable causes.

Apple also paid about $27 million to Chief Financial Officer Luca Maestri, General Counsel Kate Adams, retail chief Deirdre O'Brien, and Chief Operating Officer Jeff Williams.