Apple CEO Tim Cook to take more than 40% pay cut

Mgn 1280x960 20819p00 Xdxus

The Associated Press

Apple CEO Tim Cook will take a more than 40% pay cut this year from a year earlier as the company adjusts how it calculates his compensation.

Apple Inc. said in a regulatory filing that Cook’s target total compensation is $49 million for 2023.

Last year the company conducted a shareholder vote on executive pay.

Apple said its compensation committee took into account shareholder feedback, the company’s performance and a recommendation from Cook, who was promoted to CEO in 2011, to adjust his compensation in light of the feedback received.

Read the full story on AP News right here.

(Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

1/13/2023 1:42:55 PM (GMT -6:00)

Categories: Regional and US News