Apple CEO Tim Cook gets pay cut after missing 2016 goals
09 January, 2017, 00:55 | Author: Abraham Jackson
"However, the 2016 payouts to our named executive officers were significantly less than the annual cash incentive payouts for 2015, reflecting strong pay-for-performance alignment", Apple stated in their official SEC filing published Friday. Apple's CEO voluntarily chose to receive the majority of his compensation in stock, and he netted $100 million in stock bonuses for serving five years as the head of the company. Unfortunately, the Silicon Valley tech-giant's operating profit - its cash surplus, after all costs and expenses are accounted for, which is free to be reinvested or saved for future projects - also fell about $300 million short of its $60.3 billion target, according to a copy of Apple's annual regulatory filing that was obtained by The Wall Street Journal. But for the company's top brass, including CEO, Tim Cook - well, I suppose you could say he just got slapped on the wrist - and handed a golden ticket - all at the same time.
While Cook didn't lead Apple to record-breaking levels in 2016 and suffered a pay cut previous year, he's still doing well.
Incentive payout targets compared to Apple's 2016 numbers.
Apple raked in $215.6 billion in sales in 2016, but it wasn't enough to keep the company from reporting its first year-over-year sales decline since 2001. Also this is for the first time when iPhone sales took a dip, ever since the first iPhone device was introduced in 2007. He was made Chief Executive on August 24, 2011.
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Apple's annual sales in 2016 were $216.6 billion, some 3.7 percent lower than the target of $223.6 billion, according to a company regulatory filing.
This year could provide the iPhone and Apple with a sales rebound.
Expert analysts are saying that the disappointment of iPhone 7 users might have resulted in the decline of sales figure of Apple. Mr. Arcuri expects the phone to include wireless charging and to come in three sizes, making it "arguably the most revolutionary and different looking phone in years", he said. He also received 980,000 shares tied to him remaining on the job.
Mr. Cook has an additional 3.5 million shares that haven't vested with a value of about $413 million, based on Friday's share price.
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