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Apple CEO Tim Cook takes pay cut for missing targets

Apple CEO Tim Cook and top executives at the company took a pay cut in 2016 for failing to meet performance targets. According to a report by Business Insider[1], the executives took a combined total of 89.5% of their potential cash incentive payouts for the year. “Cook specifically received £8.75 million in total compensation, which is a 15% decrease from the £10.3 million he was paid in 2015,” stated the report.

Apple recently stated that its net sales and operating income was 7.7% and 15.7% below the “record-breaking” numbers achieved in 2015.

A decline in iPhone sales was the primary driver behind the slowed growth.

Now read: Consumer Reports won’t recommend new Apple MacBook Pro[2]

References

  1. ^ Business Insider (uk.businessinsider.com)
  2. ^ Consumer Reports won’t recommend new Apple MacBook Pro (mybroadband.co.za)