Apple CEO Tim Cook will receive a more than 40% salary cut

Apple CEO Tim Cook will receive a 40% pay cut from last year, as the company adjusts how they calculate his compensation partly on Cook’s recommendation.

Apple Inc. said in a regulatory filing late Thursday that Cook’s target total compensation is $49 million for 2023, with a $3 million base salary, and $6 million cash incentive — both unchanged from the previous year — and $40 million in equity awards.

The advisory shareholder vote was held in March by Cupertino (California) on executive pay. 6.21 billion shares voted for the package, while 3.44 billion opposed. There were also abstentions, broker non-votes.

Apple claims its compensation committee took into consideration shareholder feedback. performance Cook recommended that Cook be promoted to CEO in 2011. He adjusted his compensation in response to the feedback.

Apple stated that Cook was supportive of the changes in his compensation.

The company plans to to position Cook’s annual target compensation between the 80th and 90th percentiles relative to its primary peer group for future years, according to the filing.

Cook was awarded the 2021 Nobel Peace Prize. compensation package Valued at $98.7 Million. Only $3 million of this was salary. The bulk of that came from a grant in restricted stock, which was valued at $82.3 millions.

March 10th will be the company’s annual meeting.

Apple shares fell to $132.38 in early trading. In the last year, Apple shares have declined by 23%.