Apple’s CEO, Tim Cook, is taking a pay cut this year that he has asked for, cutting his total pay from the past year significantly. In SEC filings discovered by The Hollywood Reporter, it’s confirmed that Cook’s target compensation for 2023 will fall to $49 million, down from $99.4 million during fiscal ’22.
Cook’s pay cut is the result of “shareholder feedback” and Cook’s own “recommendation,” the filings said. “Taking into consideration Apple’s comparative size, scope, and performance, the Compensation Committee also intends to position Mr. Cook’s annual target compensation between the 80th and 90th percentile relative to our primary peer group for future years,” Apple said.