Apple’s Chief Executive Officer Tim Cook is getting a pay cut.
The Apple CEO had felt that his pay package was ‘too high’.
According to the latest regulatory filings, more components of his salary are dependent on how well the company stock performs in the market.
For 2023, Cook’s compensation target is set at $49 million, according to SEC filings by the company. It is more than 40 per cent lower than his 2022 pay, which for the fiscal year 2022 ending September was $99.4 million.
Apple decided to make the changes after its annual shareholder’s meeting where 64 per cent approved Cook’s reduced pay package. The number of restricted stock units Cook would receive if he retires before 2026 has also been reduced.
According to Apple, Cook actually requested the change himself.
