CUPERTINO, California: Technology giant Apple is cutting chief executive Tim Cook’s compensation by more than 40%, citing investor guidance and a request from Cook himself to adjust his pay.

The company disclosed in a regulatory filing on Jan 12 that it will reduce Cook’s target compensation to US$49mil in 2023 from US$84mil in 2022.

As part of the changes, the percentage of stock units awarded to Cook and tied to Apple’s performance will increase to 75% in 2023 from 50%, as well as in future years, the company said in the filing.

In 2022, Cook received total compensation of US$99.42mil , including base salary, stock grants and incentives, compared to the US$98.73mil he received in 2021, and US$14.77mil he got in 2020.

The total compensation received by Cook in 2022 includes US$3mil as base salary, US$82.99mil as stock awards, non-equity incentive plan compensation of US$12mil , and all other compensations of US$1.43mil .

 - dpa