Apple CEO Tim Cook received less pay in 2016 as a result of the company missing revenue and profit goals.
In a new filing with the SEC, Apple revealed that other top executives also got less compensation for 2016 as well. Cook only took home $8.7 million last year after being paid $10.2 million in in 2015.
Don’t weep for Tim just yet though. Because 2016 marked his five-year anniversary as CEO of Apple, he unlocked a monster bonus of stock options worth more than $100 million, making this year his most lucrative yet at Apple.
Apple reported that its annual sales of $215.6 billion were 3.7% below its target of $223.6 billion. Operating income fell just 0.5% short of the company’s target of $60.3 billion.
Here’s how much Apple’s top execs were paid last year:
• Apple CEO Tim Cook: $8,747,719
• Apple CFO Luca Maestri: $22,803,569
• Apple retail chief Angela Ahrendts: $22,902,892
• Apple services chief Eddy Cue: $22,807,544
• Apple hardware engineering chief Dan Riccio: $22,807,544
• Apple general counsel Bruce Sewell: $22,807,544
Apple didn’t reveal the salary of design boss Jony Ive, but his pay checks likely top all other employees at the company.
The SEC filing also revealed that Apple will host its annual shareholders meeting on February 28 at 9:00 AM in at company headquarters in Cupertino. Anyone can attend the meetings as long as you own Apple stock.
Buster Hein is a freelance writer who lives in Phoenix, Arizona. Twitter: @bst3r.
8 responses to “Apple execs pay dearly for 2016’s failures”
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Oh, that is just awful! Pay based on performance. Who the hell does that? /sarcasm
Pay dearly???? Cook made the most this year because his stock vested…….
One more pay cut and they’ll be living in one of those tent cities just down the road….
Apple products are overpriced for this very reason.
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