As Apple rushes to hell in a handbasket, its glorious leader, Tim (Captain) Cook has taken a 99 per cent pay cut.

According to official filings, Apple’s CEO is now earning less than he did when he was Steve Jobs’ number two. Cook earned “just” $4.17 million in 2012 which is down from $378million he collected in 2011. Apple said in a federal filing that the 2012 salary was lower than 2010 pay when he was serving as Apple's chief operating officer.

While it seems that Cook’s financial direction is guided by Apple Maps, it turns out he knew that 2012 would be a lean year for him. Cook did not receiving any stock awards for 2012 because he was handed more than $375m in stock awards the year before. In 2012 package instead includes a salary of $1.4million and a bonus of $2.8m. Cook's base salary actually increased compared with the $900,000 he earned in 2011.

Still it makes a good headline that he had a 99 per cent pay cut. Anyone who signed off on the iPad Mini or Apple Maps should take a pay cut.