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Apple CEO Tim Cook to take 40% pay cut this year

iPhone maker says chief executive requested reduction after a drop in shareholder support of structure of equity awards

Apple is targeting a more than 40 per cent cut to Tim Cook’s pay package in 2023, it said, at the request of the chief executive following shareholder criticism.

Apple’s compensation committee decided to award Cook total “target compensation” of $49mn, down from a target of $84mn a year before, according to a regulatory filing on Thursday.

Cook’s base salary was unchanged at $3mn, as well as a bonus of up to $6mn. But the targeted value of his equity award will fall from $75mn in 2022 to $40mn this year, according to Apple.

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