Apple’s CEO agreed to a big pay cut after the company’s stock fell nearly 27% in 2022.
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The tech company, which still ranks first among global tech companies, said Friday it would cut Tim Cook’s salary to $49 million for 2023, 40% below his 2022 target salary, CNNBusiness reported.
That new amount is about half of the $99.4 million he was eventually awarded last year. Approximately 75% of the CEO’s compensation was tied to company stock and performance.
The pay cut comes in response to an outcry from the company’s shareholders for an adjustment to his pay after the company’s shares plummeted last year.
The board believed the new amount was “responsive to shareholder feedback while continuing to both align pay for performance and recognize Mr. Cook’s exceptional leadership,” the company said in a statement Thursday, according to CNN Business .
Tim Cook, who has run Apple since 2011, is worth $1.7 billion, according to Forbes.