Apple’s Tim Cook is among the CEO’s taking pay cuts amid growing economic concerns.

Cook, an Alabama native, will take a 40% pay cut in 2023, bringing his annual target salary to $49 million a year, according to an analysis of CEO pay by Insider.

Cook reportedly requested the pay reduction himself. Securities and Exchange Commission paperwork said the cut is part of “balancing shareholder feedback, a desire to continue to create meaningful performance and retention incentives, and Mr. Cook’s support for changes.”

Cook’s reduction is one of the largest of all the CEOs profile by Insider. Intel CEO Pat Gelsinger announced in February he will take a 25% reduction this year and Goldman Sachs CEO David Solomon’s salary dropped 30% to $25 million in 2022.

You can read more on CEO compensation here.