Apple CEO Tim Cook‘s salary will be slashed by more than 40% this year, although he will still earn £ 45 million.
In 2022, the 62-year-old was paid £ 82 million, which included a £ 2 million basic salary and around £ 68 million in stock awards plus a bonus.
Apple said that Cook’s stock reward will be reduced to £ 33 million this year, reducing his overall remuneration.
The decision was made based on ‘balanced shareholder input, Apple’s extraordinary performance, and a recommendation from Mr. Cook,’ according to the tech titan.
The decision comes amid mounting shareholder criticism of Apple’s stumbling Wall Street performance, with shares down 22 percent in the last year.
Last year, the consulting firm Institutional Shareholder Services encouraged shareholders to vote against Cook’s remuneration, which it claimed was 1,447 times that of the typical employee.
Apple, like many other Silicon Valley behemoths, has felt the sting of the broader tech sell-off and inflationary pressures restricting consumer spending.
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