Technology giant Apple is cutting chief executive Tim Cook's compensation by more than 40%, citing investor guidance and a request from Cook himself to adjust his pay.
The company disclosed in a regulatory filing on Thursday that it will reduce Cook's target compensation to $49 million in 2023 from $84 million in 2022.
As part of the changes, the percentage of stock units awarded to Cook and tied to Apple's performance will increase to 75% in 2023 from 50%, as well as in future years, the company said in the filing.
In 2022, Cook received total compensation of $99.42 million, including base salary, stock grants and incentives, compared to the $98.73 million he received in 2021, and $14.77 million he got in 2020.
The total compensation received by Cook in 2022 includes $3 million as base salary, $82.99 million as stock awards, non-equity incentive plan compensation of $12 million, and all other compensations of $1.43 million.
