Apple chief executive Tim Cook will see his annual pay package cut by more than 40 percent this year.
The technology giant says Mr Cook requested the cut after criticism from shareholders.
Apple’s compensation committee gave him a total “target compensation” of $49m (£45.1m) for 2023.
The iPhone maker’s shares fell sharply last year due to supply chain issues and a global economic slowdown.
“The compensation committee recommended adjusting his compensation in light of shareholder feedback, Apple’s exceptional performance, and feedback received from Mr. Cook,” Apple said in a filing with the U.S. financial watchdog.
The move will leave Mr Cook’s annual base salary of $3m unchanged, as well as bonuses of up to $6m.
The biggest difference in his pay package is how he will be given shares in the firm.
In 2022, the company awarded him $75 million in shares, half of which was based on how well Apple performed in the stock market.
His stock award target for this year has been raised to $40 million, with three-quarters contingent on stock performance.
Mr. Cook’s compensation target for 2022 was $84 million, although his actual salary last year was $99.4 million. That figure included $630,600 in personal security expenses and $712,500 for the use of his private jet.
Last year Apple shareholders were urged by a leading investor advisory group to vote against Mr Cook’s pay package.
In a letter to investors, Institutional Shareholder Services (ISS) said there were “significant concerns” over the “design and scope” of the package.
ISS said Mr. Cook’s salary was 1,447 times the average Apple employee’s salary.
Mr. Cook became Apple’s chief executive in August 2011, just weeks before co-founder Steve Jobs died.
Under Mr Cook’s leadership Apple became the first company to reach a stock market value of $3tn before falling to around $2.1tn during a tumultuous year for the technology industry.
Covid-19 lockdowns at factories in China, supply chain delays and a global economic slowdown have helped Apple’s share price fall more than 20 percent over the past year.
According to Forbes magazine, the 62-year-old is worth an estimated $1.7 billion. Mr. Cook has pledged to give away his entire fortune during his lifetime.
