{"id":8715574,"date":"2023-01-13T05:57:59","date_gmt":"2023-01-13T13:57:59","guid":{"rendered":"https:\/\/www.eastbaytimes.com\/?p=8715574&preview=true&preview_id=8715574"},"modified":"2023-01-13T06:09:06","modified_gmt":"2023-01-13T14:09:06","slug":"apple-ceo-tim-cook-agrees-to-a-massive-pay-cut","status":"publish","type":"post","link":"https:\/\/www.eastbaytimes.com\/2023\/01\/13\/apple-ceo-tim-cook-agrees-to-a-massive-pay-cut\/","title":{"rendered":"Apple CEO Tim Cook agrees to a massive pay cut"},"content":{"rendered":"
By Anna Cooban | CNN<\/strong><\/div>\n

Apple CEO Tim Cook<\/a> has agreed to cut his pay this year after shareholders rebelled.<\/p>\n

The world\u2019s largest tech company said it would reduce Cook\u2019s target pay package to $49 million, 40% lower than his target pay for 2022 and about half Cook\u2019s $99.4 million total compensation that he was granted last year.<\/p>\n

The vast majority of Cook\u2019s 2022 compensation \u2014 about 75% \u2014 was tied up in company shares, with half of that dependent on share price performance.<\/p>\n

But shareholders voted against Cook\u2019s pay package after Apple\u2019s stock fell nearly 27% last year. The vote is nonbinding, but the board\u2019s compensation committee said it took the vote into consideration.<\/p>\n

\u201cThe compensation committee balanced shareholder feedback, Apple\u2019s exceptional performance, and a recommendation from Mr. Cook to adjust his compensation in light of the feedback received,\u201d the company said in its annual proxy statement released Thursday.<\/p>\n

This year, the executive\u2019s share award target has been cut to $40 million. About $30 million, or three-quarters, of that is linked to share price performance.<\/p>\n

Cook\u2019s base salary of $3 million will stay the same, the company said, as well as a $6 million bonus.<\/p>\n