‎“Apple” reduced CEO salary by 40%, decreasing his financial ‎rewards by 50%‎

The US tech giant (Apple) said it would cut its CEO Tim Cook’s pay package target to $49 million, 40% less than his 2022 salary target and about half of Cook’s total compensation of $99.4 million he earned last year.

The largest technology company in the world, according to CNN, said that the remuneration committee weighed the opinions of shareholders, the exceptional performance of (Apple), and a recommendation from Mr. Cook to adjust his wages in light of the comments received.

The company said Cook’s base salary of $3 million will remain the same, as well as a $6 million bonus.

The board said it believes the CEO’s new salary package “is in response to shareholder feedback, while continuing to align pay with performance and appreciating Mr. Cook’s outstanding leadership.”

According to Forbes magazine, the fortune of Tim Cook, who has headed Apple since 2011, is estimated at $1.7 billion. Apple’s share price, like other technology stocks, fell last year as coronavirus lockdowns shut down some of its factories in China. Supply chain bottlenecks and fears that the global economic slowdown will impede demand also led to a decline in its shares.

In January of last year, the tech giant became the first company to trade with a market capitalization of $3 trillion, but it has lost nearly $1 trillion of that value since then.