Criticism from groups such as Institutional Shareholder Services over the previous pay package for CEO Tim Cook has become an issue for the iconic brand. The BBC also reported the news on its Twitter account.

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Following pressure from advisory groups and a request from the Apple boss himself, his pay will be cut by more than 40 percent to $49 million this year. For 2022, the company's CEO received $99.4 million, including a base salary of $3 million and about $83 million in stock awards plus a bonus.

After adjusting for the changes, the percentage of stock units that Cook can earn increases from 50% to 75% for 2023. However, vesting will be contingent on meeting performance goals relative to the S&P 500 Index. Apple's chief executive is rewarded mostly in restricted stock units. The company's stock is performing well enough for Cook to receive the maximum number of shares. The value of Apple's giant stock fell 27 percentage points last year, while it is up 2.7 percentage points at the start of 2023.*

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Apple's stock performance over the past 5 years. (Source: Investing)

 

* Past performance is no guarantee of future results.