APPLE cuts CEO Tim Cook's pay, citing performance
Friday, 06 January 2017

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Apple Inc. said Chief Executive Tim Cook and other leaders received less total compensation in 2016 as the company missed its revenue and profit goals for the year.

According to a regulatory filing on Friday, Apple said its annual sales of $215.6 billion were 3.7% below its target of $223.6 billion, and its operating income of $60 billion was 0.5% short of the $60.3 billion target.

As a result, company executives got 89.5% of their targeted annual cash incentive. In 2015, the executives got 100%. In all, Mr. Cook received $8.75 million in total 2016 compensation, down from $10.28 million in 2015. Other executives also received lower pay.

Apple last year faced declining revenue as it grappled with the first prolonged slump in iPhone sales.

 



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