Apple’s CEO agreed to take a big pay cut in 2022 after the company’s shares fell nearly 27%.
The tech company, which is still number one among global tech companies, said on Friday that it will cut Tim Cook’s salary to $49 million by 2023, which is 40% below his target salary in 2022, CNNBusiness reported.
This new amount is about half of the $99.4 million he was finally granted last year. About 75% of a CEO’s compensation is tied to company stock and performance.
The pay cut was in response to outrage from the company’s shareholders, who demanded an adjustment to his compensation after the company’s stock plunged last year.
The company said in a statement that the new amount “responds to shareholder feedback, continues to both align pay with performance and recognizes Mr. Cook’s extraordinary leadership.” The announcement was made Thursday, according to CNN Business.
Tim Cook, who has been leading Apple since 2011, is estimated by Forbes to be worth $1.7 billion.
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