The technology giant's chief executive Tim Cook has faced criticism from investors over his salary.
Apple chief executive Tim Cook will see his annual pay package slashed by more than 40% this year.Apple's compensation committee awarded him a total "target compensation" of $49m for 2023.
"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,"The move will see Mr Cook's annual basic salary unchanged at $3m, as well as a bonus of up to $6m.In 2022 the company granted him $75m of shares, half of which were based on how well Apple performed on the stock market.
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. In a letter to investors, Institutional Shareholder Services said there are "significant concerns" over the "design and magnitude" of the package.Mr Cook became Apple's chief executive in August 2011, just weeks before the death of co-founder Steve Jobs.
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