Apple CEO Tim Cook To Take A 40% Pay Cut, Per His Request

It looks like even the most powerful names in business are getting hit by the worsening global financial situation, as Apple has announced that CEO Tim Cook will take a substantial 40% pay cut this year. 

As per the company’s proxy statement, Cook received a payout of US$99.4 million in 2022, comprising a US$3 million annual salary, US$83 million in stock returns, and US$13.4 in additional forms of compensation. 

Come to the end of this year, however, and it’s unlikely the chief will be looking at such high figures. Bloomberg’s Mark Gurman notes that Cook has recommended that his compensation be adjusted in light of shareholder feedback.

In total, he’ll still earn an estimated US$49 million, which is no chump change, but it does prove that even the highest earners out there aren’t impervious to inflation, war, and the “enduring impacts of the pandemic.” 

This news comes as other technology moguls, such as Elon Musk, have reported suffering a huge dip in net worth. Earlier this week, Chief Twit earned the unwanted title of breaking the world record for the largest loss of personal fortune in history. 

The Guinness World Records reported the billionaire had lost a record US$165 billion from November 2021 to December 2022, overshadowing the US$58.6 billion loss suffered by Japanese businessman Masayoshi Son in 2000. 

[via Wall Street Journal and MacRumors, cover image via Featureflash | Dreamstime.com]