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...