Apple Inc. CEO Tim Cook will see his total compensation in 2023 drop by 40% from the previous year and amount to $49 million, the company said in a filing on Thursday.

The target includes a base salary of $3 million and an annual cash incentive of $6 million, unchanged from 2022, as well as an equity award worth $40 million. In 2022, the target compensation for Cook was $84 million, with a $75 million equity award. Other named executive officers each saw a base salary of $1 million in 2022, an annual incentive of $2 million, and an equity award of $20 million.