Apple Reduces Tim Cook’s Salary Because of iPhone Sales, Cook Received $8.75 Million in 2016 and down from the $10.28 Million that he Received.
Los Angeles iPhone Maker Apple has Reduced its CEO’s Salary by a Whooping 15% for the year of 2016 as annual sales declines for the Year and missing some targets that also lead to the Reduce of the Tim Cook’s Salary and the Tech Giant’s First Annual revenue declines in as after 15 Years.
The Company Gave him the 56-Year-old USD 8.75 Million in total as Compensation last year and down from the USD 10.28 Million that he Received in 2015.
According to a Securities and Exchange of Filing Released on Friday.
Cook Salary rose to USD 3 Million From 2 Million Last Year as a 50 Percent Cash bonus took a Hit.
Apple awarded Tim Cook and other Executives 89.5% of their Targets instead of the Maximum amount in the recent Years. Apple Specially Cited the Company’s Failure to meet its Performance of Goals for Both Sales and Profits.
Sales volume of the iPhone fell in this Year 2016 for the First time since the Device was introduced in 2007.
How Ever the 2016 Payouts to our Named Executive Officers were Significantly less than the annual Cash and Incentives Payouts for 2015.
Apple’s Rare Sales Slump is Directly Linked to the loss of Momentum for the iPhone which Generates the Majority of the Company’s Sales.
With the Reports saying that Apple has Faced steep Competition from Samsung and the Other Smartphones makers and the Newest iPhones that did not Feature Enough Upgrades to the Attract Customers.