Apple CEO Tim Cook to take over 40 pct pay cut this year

CUPERTINO (California): Technology giant Apple is cutting chief executive Tim Cook's compensation by more than 40 per cent, 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 US$49 million in 2023 from US$84 million in 2022, reported German Press Agency (dpa).

As part of the changes, the percentage of stock units awarded to Cook and tied to Apple's performance will increase to 75 per cent in 2023 from 50 per cent, as well as in future years, the company said in the filing.

In 2022, Cook received total compensation of US$99.42 million, including base salary, stock grants and incentives, compared to the US$98.73 million he received in 2021, and US$14.77 million he got in 2020.

The total compensation received by Cook in 2022 includes US$3 million as base salary, US$82.99 million as stock awards, non-equity incentive plan compensation of US$12 million, and all other compensations of US$1.43 million.

-- BERNAMA