Apple’s CEO has agreed to take a significant pay cut after the company’s shares fell about 27% in 2022.
The technology company, still the number one global tech company, said on Friday it would cut Tim Cook’s salary to $49 million for 2023, 40% below his target salary for 2022, CNNBusiness reported.
This new amount is about half of the $99.4 million finally awarded to him last year. About 75% of the CEO’s compensation has been linked to the company’s stock and performance.
The wage cut comes in response to protests from the company’s shareholders, who demanded an adjustment to his compensation after the company’s stock plunged last year.
The board felt the new amount “has responded to shareholder feedback, while continuing to align pay with performance and recognizing Mr. Cook’s exceptional leadership,” the company said in a statement Thursday.
The fortune of Tim Cook, who has led Apple since 2011, is estimated at $1.7 billion, according to Forbes magazine.
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