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Apple’s Tim Cook Takes Rare CEO Pay Cut After Pushback

  • Company says that Cook himself requested the adjustment
  • CEO stands to make about $49 million in 2023 compensation
Bloomberg business news
WATCH: Cook’s pay cut follows investor guidance and a request from the CEO himself to adjust his pay. Andres Melin reports.Source: Bloomberg
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Apple Inc. is cutting Chief Executive Officer 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.

As part of the changes, the percentage of stock units awarded to Cook and tied to Apple’s performance will increase to 75% in 2023 from 50%, as well as in future years, the company said in a regulatory filing Thursday. For 2022, Cook received compensation of $99.4 million, including $3 million in base salary, about $83 million in stock awards and a bonus. That was up slightly from 2021, when his total pay package was $98.7 million.