Apple CEO Tim Cook is taking a substantial pay cut this year with the iPhone giant slashing his pay by over 50%, citing investor guidance and a request from Cook himself to adjust his pay.

Cook’s compensation is going down from $143 million last fiscal year to $70 million in 2023.

As part of the changes, the percentage of stock units awarded to Cook and tied to Apple’s performance will increase to 75% in 2023 from 50%, as well as in future years, the company said in a regulatory filing Thursday.

For 2022, Cook received compensation of $143 million, including $4 million in base salary, about $119 million in stock awards and a bonus. That was up slightly from 2021, when his total pay package was $142 million.

This move came after considerable pushback from shareholders who criticised Cook’s hefty pay package last year, although the majority of them approved it.

Institutional Shareholder Services (ISS), top advisory firm, was one of the shareholders who had voiced their discontent over Cook’s compensation package in 2022, complaining that his stock would continue to vest post-retirement and that half of the rewards didn’t depend on performance criteria. It is still, however, rare for CEOs to suggest their own pay cuts with pay packages getting higher and higher for executives.

The company also plans to “position Mr. Cook’s annual target compensation between the 80th and 90th percentiles relative to our primary peer group for future years,” said the iPhone maker in its filing.

Apple also announced that it will host its annual shareholder meeting on March 10, 2023.