Apple CEO Tim Cook has agreed to take a 50 percent pay cut this year, according to paperwork filed with the Securities and Exchange Commission.
The pay cut, which will see Cook’s annual salary drop from $99 million to $49 million, is “responsive to shareholder feedback, while continuing both to align pay with performance and to recognize Mr. Cook’s outstanding leadership,” the paperwork reads.
In its most recent quarterly financial report, Apple revealed it had brought in a record $90.1 billion, representing an 8 percent increase in earnings.
The company’s annual revenue was reported to be $394.3 billion, also up 8 percent over the previous year.
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