Apple's CEO agrees to reduce his salary by 40% after the shareholder revolt. How much is he worth?

Dubai, United Arab Emirates - Tim Cook, CEO of Apple, the largest technology company in the world, agreed to reduce his salary by 40%, after a shareholder revolt. Apple said in a statement that it will reduce the targeted salary package for its CEO to $49 million, 40% less than his target pay in 2022 and about half of what Cook received last year from the total base salary, stock grants and incentives, which amounted to $99.4 million.

The bulk of Cook's total pay, about 75% for 2022, is tied to company stock, with half of it dependent on share price performance. But shareholders voted against Tim Cook's total salary package after Apple's stock fell by about 27% last year. While the vote is not binding, the board's remuneration committee said it took the vote into account.

The company said in a statement: “The remuneration committee balanced shareholder guidance, Apple’s exceptional performance, and a recommendation from Cook to adjust his total pay in light of the guidance received.” This year, the CEO's equity grants were reduced to $40 million.

About $30 million, or three-quarters of that amount, is tied to the stock price performance. The company said Cook's base salary of $3 million will remain the same, in addition to a bonus of $6 million.

The board said it believes Tim Cook's new pay package "responds to shareholder guidance, while continuing to align pay with performance and recognizing Cook's outstanding leadership." According to Forbes magazine, it is estimated that the president of Apple since 2011 has a personal fortune of $1.7 billion.