Apple’s Tim Cook takes a pay cut

The billionaire CEO asked the company to “adjust his compensation” following criticism from shareholders.

Last year, the technology giant’s shares fell sharply amid a global economic slowdown and

supply chain problems. In early November, unrest at factories in China meant that iPhone production was impacted significantly before the festive period.

Cook’s basic salary and bonus would remain the same at $3m (£2.45mn) and $6m (£4.9mn), respectively.

The rest of his pay package is built on his shares in the firm. In 2022 the company granted him $75mn of shares, half of which were based on how well Apple performed on the stock market.

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“The compensation committee balanced shareholder feedback, Apple’s exceptional performance, and a recommendation from Mr Cook to adjust his compensation in light of the feedback received,” the iPhone maker said in the filing.

The 62-year-old’s compensation for Apple’s financial year to the end of September 2022 was $99.4mn (£81.6mn) - up on the previous year’s $98.7mn (£81.1mn).

A majority of shareholders (64%) gave their approval in an advisory vote in its annual meeting last year to cut Cook’s compensation.

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The company noted in the filing that it represented a “notable year-over-year decline, as our annual say on pay proposals have received much higher levels of shareholder support for many years.”