In a rare move Apple CEO Tim Cook takes a 40% pay cut
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New York: iPhone maker Apple Inc. has cut the company’s CEO Tim Cook’s compensation by more than 40 percent, Bloomberg reports.
Cook will take home $49 million in 2023 as the decision comes after Cook himself requested to adjust his pay.
Alongside $3 million base salary, Cook in 2022 received compensation of $99.4 million.
There was also about $83 million in stock awards and a bonus, which was slightly up from 2021, making his total package to $98.7 million.
The company reportedly said that the percentage of stock units awarded to Cook will increase to 75 percent from 50 percent in 2023.
Earlier Apple was criticized by groups including Institutional Shareholder Services over Cook's previous compensation package despite majority of shareholders voted to approve of it last year.
Cook’s upcoming compensation of $49 million includes the same $3 million salary and $6 million bonus as in 2022, alongside an equity award value of $40 million, which was$75 million in 2022, according to the report.
Cook's actual total compensation for 2023 could vary inasmuch as the company's stock performance.
The 62-year-old CEO of Apple has pledged to use his wealth to charitable causes.
Apple shares declined 27% last year but climbed 2.7% so far this year, according to the report.