Apple Cuts CEO Tim Cook's Pay, Citing Performance
January 06 2017 - 9:10AM
Dow Jones News
By Austen Hufford
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.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
January 06, 2017 08:55 ET (13:55 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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