Apple CEO Tim Cook saw a compensation package last year that most never will: $99.4 million.
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But the billionaire has agreed to a pay cut this year following shareholder feedback, CNN Business reported.
Given the rocky state of tech and Apple’s own plunging 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 in stock 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 to CNBC.
“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.