Published: Mon, January 09, 2017
Hi-Tech | By Merle Christensen

Apple cuts CEO Tim Cook's pay after company's weak 2016

Apple cuts CEO Tim Cook's pay after company's weak 2016

Because of the flop, Apple's executives, including Cook, received only 89.5% of their annual cash incentives, leading to Cook's lowest annual pay since 2014.

Apple penalized Chief Executive Tim Cook for the iPhone maker's first sales slump in 15 years with a 15% pay cut.

Apple experienced its first revenue fall since 2001, and the immediate effect was a payment drop for its chief executives, the company reported on Friday. Last year, announcing the report of Q4 of 2016, Apple said it sold 45.5 million iPhones, 9.3 million iPads and 4.9 million Macs. The tech giant's operating income of $60 billion also fell short of targets by.5 percent. "However, the two financial measures used to evaluate executive performance under our annual cash incentive program, net sales and operating income, declined from our record-breaking 2015 levels", Apple explains in its filing. However, in 2016, Apple suffered its first year-over-year annual revenue decline in years as interest in the company's iPads continue to wane and demand started to cool a bit for its iPhone.

As per the reports of SEC filings, Apple's sale target for a year ago was targeted at $223.6bn but it could only able to mint $215.6bn, missing the bull's eye by 3.7% margin. "That has raised investor concerns that Apple has become too dependent on the iPhone, a nagging worry that has been aggravated by the company's inability to introduce another breakthrough product since Jobs' death in 2011", the Times stated.

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Apple reported that its annual sales of $215.6 billion were 3.7% below its target of $223.6 billion.

Even Apple's board members took home a tidy pay package a year ago. Cook told the media last October that the iPhone 7 line of devices have outpaced supply. Apple executives, including Cook, have said that the company is healthy and will see strong growth in 2017, but its down year in 2016 has prompted some analysts to question whether Apple needs something big in the coming years to address apparent softness in its business.

Mr. Cook has an additional 3.5 million shares that haven't vested with a value of about $413 million, based on Friday's share price.

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