Apple CEO Tim Cook has taken a salary cut of approximately $35 million about 40% less than his compensation for the year 2022.
The CEO’s own decision as well as investor concerns were addressed with a repackaging the CEO’s pay, amid global concerns over the economic conditions.
Cook had received a compensation of $98.7 million for the fiscal year 2022.
The base salary of the CEO is $3 million and his annual cash bonus of $6 million will remain the same. The change is in the equity options to the CEO which have had a revision in conditions. The revised salary of the CEO in terms of equity will depend on the performance of Apple against its peers.
Apple has seen $1 Trillion drop in Market Cap amid growing concerns of iPhone production over the lockdowns in China.
Apple Inc. and other tech companies have seen a decline in their value.
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