Last updated: January 13, 2023, 6:19 PM IST
Apple CEO Tim Cook has taken a massive $35 million pay cut, or more than 40 percent of his salary, amid challenging global macroeconomic conditions.
According to a new regulatory filing with the U.S. Securities Exchange Commission (SEC), Cook’s salary will drop from $84 million in 2022 to $49 million in 2023, at his own recommendation, The Verge reports.
The wage change is entirely due to an adjustment in his net worth.
In 2022, that value was estimated at $75 million. However, that drops to $40 million this year amid the economic slowdown.
Cook’s base salary of $3 million and annual cash incentive of $6 million remain the same.
The compensation committee on Apple’s board of directors consists of balanced shareholder feedback, Apple’s exceptional performance, and a recommendation by Mr. Cook to adjust his compensation in light of the feedback received,” the SEC filing said.
“Cook earned $99.4 million in 2022 as per the filing,” the report said.
Amid iPhone manufacturing challenges in China due to Covid-related disruptions, Apple’s market cap is down $1 trillion from its peak a year ago.
Like many tech companies, Apple has been hit by supply chain issues.
Manufacturing in China has taken a hit due to a new wave of Covid infections in the only major economy battling such a crisis.
While Apple’s market value has fallen significantly, other major tech companies have experienced stronger percentage declines.
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(This story has not been edited by News18 staff and was published from a syndicated news agency feed)