Apple CEO Tim Cook takes 40% pay cut due to this reason

Apple CEO Tim Cook is not going to make the same amount that he made last year. This year, CEO Cook's compensation target has been set at $49 million, which is 40% lower than last year.

More components of Cook's salary are now dependent on how well the company stock performs in the market. According to company's regulatory filing, the percentage of stock units awarded to Cook and tied to Apple’s performance will increase to 75% in 2023 from 50%.

The regulatory filings also say that Tim Cook himself requested this paycut. In the past, Apple has drawn criticism from groups such as Institutional Shareholder Services, about Cook’s previous compensation package. Apple organises yearly meetings in which shareholders been asked whether they agree with how much executives.