Apple boss Tim Cook to have pay cut by over 40% this year

Apple chief executive Tim Cook will see his annual pay package slashed by more than 40% this year.

The technology giant says Mr Cook requested the cut after criticism from shareholders.

Apple’s compensation committee awarded him a total “target compensation” of $49m (£45.1m) for 2023.

Last year the iPhone maker’s shares fell sharply in the face of supply chain issues and a global economic slowdown.

“The Compensation Committee balanced shareholder feedback, Apple’s exceptional performance, and a recommendation from Mr Cook to adjust his compensation in light of the feedback received,” Apple said in a filing with a US financial watchdog.

The move will see Mr Cook’s annual basic salary unchanged at $3m, as well as a bonus of up to $6m.

The biggest difference to his pay package is how he will be awarded shares in the firm.

In 2022 the company granted him $75m of shares, half of which were based on how well Apple performed on the stock market.

For this year his stock award target has been cut to $40m, with three quarters of that dependant on share performance.

The target for Mr Cook’s compensation for 2022 was $84m, although his actual total pay for last year was $99.4m. That figure included $630,600 in personal security costs and $712,500 for his use of a private jet.

Read more via BBC