Tim Cook is seen in Phoenix, Arizona, on Dec. 6, 2022. Photo: Caitlin O'Hara/Bloomberg via Getty Images
Apple CEO Tim Cook is taking a big pay cut this year, the company said Thursday.
Driving the news: Cook's total compensation target for 2023 will be $49 million, which is 40% lower than last year, the company said in an SEC filing.
What they're saying: The company's board committee on executive compensation "balanced shareholder feedback, Apple’s exceptional performance, and a recommendation from Mr. Cook to adjust his compensation in light of the feedback received," the report states.
- The changes “are responsive to shareholder feedback, while continuing both to align pay with performance and to recognize Mr. Cook’s outstanding leadership,” per the filing.
Our thought bubble, via Axios' Felix Salmon: Cook is more attuned than most of his fellow billionaires to which way the winds of public opinion are blowing.
Of note: Cook's pay package has previously been a topic of debate.
- Last year, Apple was seeking to award Cook a $99 million pay package, to the disapproval of shareholder advisory firm ISS, which said it was too much, triple the peer median pay, Axios' Emily Peck reported.
- But shareholders voted to approve the package anyway.
Go deeper: The fight over Apple CEO Tim Cook's $99M pay package