Apple boss Tim Cook asks for 40% pay cut after investor backlash Business News

Apple CEO Tim Cook will take a pay cut of more than 40% after shareholders decided on the amount of his award last year.

The company said he was in less than two-thirds of apple Investors backed his compensation package at the tech company’s 2022 annual meeting.

His base salary and bonus will remain unchanged at $3 million (£2.45 million) and $6 million (£4.9 million), respectively, a regulatory filing on Thursday showed.

But future stock dividends will depend more on how the iPhone maker’s stock performs relative to its market peers.

Cook’s compensation for Apple’s fiscal year ending September 2022 will be $99.4 million, up slightly from $98.7 million the previous year.

The 2023 target totals $49 million.

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Apple said this could come through about $40 million in stock awards, $30 million of which is tied to share price performance.

Many large U.S. tech companies have seen share price drops sharply Past year – related to the global economic slowdown caused by inflation.

In Apple’s case, supply chain issues — especially in China — contributed to its decline.

A year ago, it became the first U.S. company to reach a market capitalization of $3 trillion, but it is now at $2.1 trillion.

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