Apple boss Tim Cook to have pay cut by over 40% this year

Apple chief executive Tim Cook will see his annual pay package slashed by more than 40% this year. "The Compensation Committee balanced shareholder feedback, Apple's exceptional performance, and a recommendation from Mr Cook to adjust his compensation in light of the feedback received," Apple said in a filing with a US financial watchdog. Last year Apple shareholders were urged by a leading investor advisory group to vote against Mr Cook's pay package. The ISS said Mr Cook's pay was 1,447 times more than the wage of an average Apple employee. Under Mr Cook's leadership Apple became the first company to reach a stock market valuation of $3tn before falling to about $2.1tn during a tumultuous year for the technology industry.

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