Apple CEO Tim Cook requests and receives a 40% salary cut

Apple chief executive Tim Cook will see his annual salary package trimmed by up to 40 per cent this year.

According to reports, Cook asked for a reduction in pay after receiving criticism from shareholders.

He received a total “target compensation” from Apple’s compensation committee of $49 million for 2023.

According to details, a global economic slowdown and supply chain issues caused the iPhone manufacturer’s shares to drop precipitously in 2022.

“The Compensation Committee balanced shareholder feedback, Apple’s exceptional performance, and a recommendation from Cook to adjust his compensation in light of the feedback received,” Apple said in a filing with a US financial watchdog.

Still, Cook’s annual basic salary will remain unchanged at $3 million, as well as a bonus of up to $6 million.

The biggest difference in his salary package is how he will be awarded shares in the company.

The company granted him $75 million worth of shares in 2022, half of which were based on how well Apple performed on the stock market.

For this year his stock award target has been slashed to $40 million, with three-quarters of that dependent on share performance.

The target for Cook’s compensation for 2022 was $84 million, although his actual total pay for last year was $99.4 million. That figure included $630,600 in personal security costs and $712,500 for his use of a private jet.

Earlier, Apple shareholders were asked by a top investor advisory group to vote against Cook’s pay package.

In a letter to investors, Institutional Shareholder Services (ISS) said there are “significant concerns” over the “design and magnitude” of the package.

According to reports, Cook’s pay was surprisingly 1,447 times more than the wage of an average Apple employee.

Cook became Apple’s chief executive in August 2011, just weeks before the death of co-founder Steve Jobs.

The 62-year-old’s personal wealth stands at around $1.7 billion, according to Forbes.