Billionaire Apple CEO Tim Cook Just Took a 40% Pay Cut Amid Shareholder Backlash — Here's What His Compensation Will Look Like This YearIn 2022, Cook made just shy of $83 million in stock awards, $12 million in incentives and a $3 million salary, in addition to other extensive benefits.
ByAmanda Breen•
Apple CEO Tim Cooksaw a compensation package last year that most never will: $99.4 million.
But thebillionairehas agreed to a pay cut this year following shareholder feedback,CNN Businessreported.
Given therocky state of techand Apple's ownplunging shares, the tech giant is reducing Cook's target pay package to $49 million — 40% lower than it was in 2022, per the outlet.
Related:10 Quotes from Tim Cook on Inspiration, Intuition and Everything in Between
In 2022, Cook made just shy of $83 million instock awards, $12 million in incentives and a $3 million salary, along with benefits including retirement plan contributions, security, personal air travel, and more than $46,000 in vacation cash-out, according toCNBC.
"The compensation committee balanced shareholder feedback, Apple's exceptional performance, and a recommendation from Mr. Cook to adjust his compensation in light of the feedback received," Apple said in its annual proxy statement released Thursday.
Cook's base salary will remain at $3 million in 2023, the company said, and the CEO will also receive a $6 million bonus.
Apple Inc is down nearly 40% year over year.
