Apple chief’s pay cut . . . to £45million

APPLE boss Tim Cook’s pay will be cut by more than 40pc this year – but he will still take home £45m.

The 62-year-old was paid £82m in 2022, including a £2m base salary and about £68m in stock awards, plus a bonus.

Apple said the stock award for Cook will be cut to £33m this year, hitting his overall pay.

The tech giant said the decision was based on ‘balanced shareholder feedback, Apple’s exceptional performance and a recommendation from Mr Cook’.

The move comes amid growing criticism from shareholders over the iPhone maker’s flailing Wall Street performance, where shares have tumbled 22pc in the past 12 months.

Last year, advisory group Institutional Shareholder Services urged shareholders to vote against Cook’s pay, which the group said was 1,447 times higher than the average employee.

Like many Silicon Valley giants, Apple has felt the sting of the wider tech sell-off and inflationary pressure squeezing consumer spend. But unlike its rivals, the tech giant appears to have dodged mass layoffs.