Apple will adjust CEO Tim Cook's compensation package for his target pay to drop by more than 40 percent this year, according to Bloomberg.
Mr. Cook's target pay will drop from $84 million to $49 million, and his percentage of stock units tied to Apple's performance will jump from 50 percent to 75 percent this year. The pay change comes as Apple's shares declined 27 percent last year; so far in 2023 shares have been up 2.7 percent.
Bloomberg cited investor guidance and a request from Mr. Cook as the reason for the pay adjustment. The company aims to have Mr. Cook's compensation fall between the 80th and 90th percentiles relative to the company's peer groups in the future.
Last year, Mr. Cook received total compensation of $99.4 million in total compensation, including bonuses.