Apple Cuts Tim Cook's Pay After 2016 Performance Falls Short

Apple cut CEO Tim Cook's 2016 pay after the iPhone maker missed its revenue and profit goals for the year. From a report on CNBC: Although Cook's annual salary went up by $1 million, he received $8.75 million in total compensation for the year, according to an SEC filing posted on Friday, down from the $10.28 million he received in 2015. Company executives received about 89.5 percent of their targeted annual incentives. The company said its annual sales were down nearly 4 percent, or $215.6 billion, from its target of $223.6 billion, and its operating income was down 0.5 percent from its target at $60 billion, according to the filing.Apple last year faced declining revenue as it grappled with the first prolonged slump in iPhone sales. The salary of some other executives were also trimmed.

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