Apple Inc. CEO Tim Cook has requested a significant pay cut this year.
Cook's total compensation target for 2023 is $49 million, according to a company filing on Thursday. This is more than 40% less than his desired salary of 2022.
The iPhone maker stated that in making the change, its executive compensation board committee considered shareholder feedback as well as Cook's recommendation.
The changes "respond to shareholder feedback while continuing to align pay with performance and recognize Cook's outstanding leadership," according to the filing.
Cook's pay package has previously been criticized. Last year, proxy advisory firm Institutional Shareholder Services advised investors to vote against Cook's pay. Nonetheless, investors voted to approve the pay.
Apple is one of the world's most valuable public companies, and Cook's pay is still well above average. In 2021, the median compensation for CEOs of the largest companies in the United States was $14.7 million.
However, there are higher-paid tech leaders. Oracle Corp.'s Chairman Larry Ellison and Chief Executive Safra Catz each received more than $138 million in total compensation during the company's fiscal year ending in May last year.