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Apple chief executive Tim Cook will see his annual pay package slashed by more than 40% this year. The technology giant says Mr. Cook requested the cut after criticism from shareholders. Apple's compensation committee awarded him a total "target compensation" of $49M for 2023. Cook, 62, who became CEO after the co-founder Steve Jobs stepped down before his death in 2011, was paid $99.4M in 2022 and $98.8M in 2021.
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Cook’s annual base salary and bonus will remain unchanged at $3M and $6M respectively. But the “targeted” amount he will be given in share-based bonuses will fall from $75M last year to $40M this coming year. The amount given in share bonuses will also be more dependent on Apple’s share price performance than it was last year. Now 75% of the share bonus is dependent on Apple’s stock market performance, up from 50% last year. Apple’s shares have fallen by 23% over the past 12 months to $133.41 at the close on Thursday, raising concerns among some shareholders.