Apple CEO’s salary to be reduced to $49 million

Apple will cut CEO Tim Cook’s salary by more than 40 percent.

Apple CEO Tim Cook has demanded that his salary be reduced by more than 40 percent to $49 million in 2023.

As part of the changes, the percentage of stock units awarded to Cook that is tied to Apple’s performance to increase from 50 percent to 75 percent in 2023 is included in the company’s application for regulation in the years to come.

For 2022, Cook was worth 99.4 million salaries, including a base salary of $3 million, approximately $83 million in stock and a bonus.

The iPhone maker said Cook’s final salary was based on “balanced shareholder feedback, outstanding performance from Apple, and Mr Cook’s advice”.