Published On : Sat, Jan 7th, 2017

Apple cuts Tim Cook’s pay as iPhone sales fall first time

tim-cook
iPhone maker Apple has cut its CEO Tim Cook’s salary by a whopping 15 per cent for 2016 as annual sales declined for the year, missing targets that also led to the tech giant’s first annual revenue decline in 15 years.

The company gave the 56-year-old $8.75 million in total compensation last year, down from the $10.28 million he received in 2015, according to a Securities and Exchange filing released yesterday.

Cook’s salary rose to USD 3 million from USD 2 million last year – a 50 per cent increase, his cash bonus took a hit. Apple awarded Cook and other executives 89.5 per cent of their target, instead of the maximum amount like in recent years.

Hence, Cook’s cash bonus fell to $5.4 million in 2016, down from $8 million the year before and declining for the first time since he assumed leadership of the company in 2011.