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Apple's Tim Cook has taken a 40% pay cut

Apple's Tim Cook has taken a 40% pay cut

Tim Cook has been the CEO of Apple since 2011

Apple boss Tim Cook has taken a huge 40 percent pay cut, a regulatory company filing has revealed.

The 62-year-old has been Apple CEO since 2011 and previously served as COO under co-founder Steve Jobs.

Notably, Cook's 'base salary' of $3 million (£2.5m) has been the same since 2016 and will not change in 2023, the new company report revealed.

This means that his 'annual cash incentive' of $6 million (£5m), which is 200 percent of his base salary, will also not change.

The change comes from the decision to decrease Cook's equity award from $75 million (£61m) to $40 million (£33m), thereby decreasing his 'total target compensation' from $84 million (£68m) to $49 million (£40m) in 2023.

"Mr Cook’s target total compensation is $49m, a reduction of over 40 per cent from his target 2022 total compensation," the filing reads.

The filing states that the CEO's salary is made up of 'balanced shareholder feedback, Apple’s exceptional performance, and a recommendation from Mr Cook'.

"Taking into consideration Apple’s comparative size, scope, and performance, the Compensation Committee also intends to position Mr Cook’s annual target compensation between the 80th and 90th percentiles relative to our primary peer group for future years," Apple noted.

Sipa US / Alamy Stock Photo

"The global challenges with us all today - from inflation, to war in Eastern Europe, to the enduring impacts of the pandemic - make this a time for deliberate and thoughtful action," Cook said in a message to the company.

"But it is not a time to retreat from the future.

"We've always run Apple for the long-term, and that means continuing to invest in innovation, in people, and in the positive difference we can make in the world."

He added: "Our teams are also pressing forward in the fight against climate change.

"Our corporate operations have been carbon neutral for three years, and today, we're working to become carbon neutral for our global supply chain and product use by 2030.

"We continue to bring new renewable energy online, protect forests that sequester carbon, and innovate to use more recycled and sustainable materials across our products.

"Progress like this makes me profoundly confident about the future of Apple, and technology's potential to solve problems and improve lives.

"And I remain grateful to everyone at Apple for the work they do each and every day and to our shareholders for their trust and investment in our company."

Apple currently has 164,000 employees, with its headquarters being based in Cupertino, California.

Featured Image Credit: The Photo Access / dpa picture alliance / Alamy

Topics: Apple