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Tim Cook took a pay cut after Apple missed 2016 goals

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Tim Cook took a pay cut after Apple missed 2016 goals

Apple's CEO won a little bit of a pay cut because of a coverage tying some government repayment to corporate efficiency.

Apple CEO Tim Cook, along side different named corporate executives, noticed a little bit of a pay cut in 2016 as a results of Apple underperforming financially all the way through the yr. Cook, along side different executives like Luca Maestri, Angela Ahrendts, and Eddy Cue, has a part of his repayment without delay tied to Apple's efficiency, so the cut used to be brought about mechanically via corporate coverage.

From the Securities and Exchange Commission:

In 2016, Apple used to be beneath its goal efficiency goals for each web gross sales and running source of revenue, leading to a payout of each and every named government officer's annual money incentive at 89.5% of goal. The Repayment Committee made up our minds that no downward changes can be made according to Apple's or a person's efficiency and authorized the payout for each and every named government officer for 2016.

In 2016, Cook took house $8,747,719 in repayment, in comparison to $10,281,327 in 2015. Cook used to be additionally the one named government at Apple to not take house any inventory awards, with Luca Maestri, Angela Ahrendts, Eddy Cue, Dan Riccio, and Bruce Sewell all receiving inventory awards in far more than $20,000,000.

The corporate additionally introduced the date for its annual shareholders assembly, which can happen on February 28 in Cupertino.

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