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Apple slashes pay of CEO

Dec 27 2012 17:27 Reuters
iPhone 5

The iPhone 5 is the latest device from Apple. (Duncan Alfreds, News24)

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New York - Apple Inc Chief Executive Tim Cook will receive total compensation of $4.17m in 2012, down from a $378m pay package in 2011 that included stock awards.

Apple, maker of the popular iPhone and iPad devices, said in a regulatory filing that the executive, who became CEO in August 2011, will not receive any stock awards for 2012.

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