Tim Cook, CEO of Apple, has confirmed he is to take a 99 per cent pay cut this year after receiving a record compensation payout in 2011.
Cook will receive $4.17 million (£2.6 million) for the last year, compared to the $378 million he received last year.
Shares in the Californian company have fallen almost 30 per cent since September after investors began to fear increased competition from the likes of Google, Amazon and Microsoft. Cook took over the role of CEO after Apple co-founder Steve Jobs passed away in 2011.
Cook's 2011 pay award was greatly inflated after Apple handed Cook stock options in the company which he will be able to cash out over the next decade. Although his annual compensation took a drop this year Apple increased Cook's salary to $1.36 million from $900,000 in 2011.
According to Equilar, Cook was the best-paid American CEO last year following Apple's decision to award him $376.2 million in stock options.