Apple is cutting CEO Tim Cook’s compensation by more than 40% to $49 million in 2023, citing investor guidance and a request from Cook himself to adjust his pay, reports Bloomberg.

Here’s the breakdown of he’ll be paid this year, equaling out to a total compensation target of $49 million (down from the $84 million target of 2022):

  • Base salary: $3 million (No change)
  • Annual Cash Incentive: $6 million (No change)
  • Equity Award Value: $40 million
    • Down from $75 million in 2022
    • In 2022: 50% performance-based vesting and 50% time-based vesting
    • In 2023: 75% performance-based vesting and 25% time-based vesting

As noted by 9to5Mac, ook’s target compensation was $84 million for 2022, but he actually made around $99.4 million given that much of his compensation is performance-based and tied to Apple’s stock.

Article provided with permission from AppleWorld.Today