Apple Company takes bite on Tim Cook’s salary as sales drop in 2016

Apple Company

What you sow is what you reap.

The famous iPhone maker, Apple Company, slammed its CEO Tim Cook and other company executives after sales in 2016 showed a decline in its record, according to a filing released on Friday.

Payback on the Paycheck

Apple Company cut 15% of Cook’s salary as he missed out the company’s target sales, which showed a record of $215.6 billion sales last year, its first ever year-over-t=year sales slump in fifteen years.

According to the filing with US Securities and Exchange Commission, the tech-giant’s  yearly sales went down from $233.7 billion in 2015 to $215.6 billion in 2016 and also saw its operating income slipping from $72.1 billion in 2015 to $60 billion in the previous year.

Just as last month, Apply Company released its fourth quarter earnings for the 2016 fiscal year, which covered months from July to September. In this report the firm tallied a revenue decline last year, earning $9 billion profits from $11.1 billion in 2015. Its revenue recorded a $46.9 billion last fiscal year, down from $51.5 billion in 2015.

With this dismal record, the firm gave Cook a total compensation of $8.7 million, a figure that is $1.6 million dollar he earned the previous year, driven by drop in his cash bonus amounting to $5.4 million, down from $8 million in 2015, despite a jump in his salary from $2 million to $3 million.

Other Apple executives who also took home less pay were CFO Luca Maestri, Retail SVP Angela Ahrendts, Internet Software and Services SVP Eddy Cue, Hardware Engineering SVP Dan Riccio, and General Counsel Bruce Sewell.


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