Apple’s CEO has agreed to a major pay cut after the company’s shares fell nearly 27% in 2022.
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The tech company, which still ranks first among global tech companies, said on Friday it would cut Tim Cook’s salary to $49 million for 2023, 40% below his target salary for 2022, reported CNNBusiness.
This new amount is equivalent to about half of the $99.4 million finally granted to him last year. About 75% of the CEO’s compensation was tied to company stock and performance.
The pay cut is a response to outcry from the company’s shareholders who demanded that his compensation be adjusted after the company’s stock plunged last year.
The board felt the new amount “responded to shareholder feedback, while continuing to both align pay with performance and recognize Mr. Cook’s exceptional leadership,” the company said in a statement. statement Thursday, according to CNN Business.
The fortune of Tim Cook, who has led Apple since 2011, is estimated at $1.7 billion, according to Forbes.