Apple CEO’s pay depends on stock performance in 2023

close video FOX Business Flash top headlines for January 12

Check out what’s clicking on FoxBusiness.com

Apple Chief Executive Tim Cook's pay package for the fiscal year 2023 is expected to be smaller than last year.

Don't worry about Cook, though it may be 40% lower, but the target is still $49 million.

According to regulatory filings, his compensation will depend more on how well the iPhone maker's shares perform relative to market peers.

Cook's compensation for the fiscal year 2022 was $99.4 million, slightly higher than the previous year.

APPLE CEO TIM COOK TALKS 'VERY DELIBERATE' HIRING STRATEGY

Apple CEO Tim Cook (Getty Images / Getty Images)

Apple made the changes after 64% of shareholders approved Cook's pay package at its annual meeting last year, down from 94.9% the previous year.

It is all about Cook's stock awards.

Apple granted him $75 million in stock awards in 2022, half of which were based on stock performance.

Of the $40 million in stock awards for fiscal 2023, $30 million depends on share performance.

Apple iPhone and a financial graph in background. (iStock / Apple / iStock)

If Apple's shares hit performance thresholds, the $30 million could double to at least $60 million.

APPLE'S EVOLUTION FROM STEVE JOBS TO TIM COOK

Apple sales were up 8% compared with a year earlier at around $90 billion, a record for that quarter, according to the Wall Street Journal.Ticker Security Last Change Change % AAPL APPLE INC. 133.41 -0.08 -0.06%

The company’s total revenue, iPhone sales and net income all topped estimates for the quarter.

CLICK HERE TO READ MORE ON FOX BUSINESS

Apple shares are off 24% in the past year.

Reuters contributed to this report.