Tim Cook and other executives received less revenue in 2016, as Apple failed to hit its revenue and profit goals for the year. The Wall Street Journal points to a regulatory filing, which says the miss kept the leaders from hitting some cash incentives.
Apple said its annual sales were $215.6B, 3.7% below its target of $223.6B, and its operating income of $60B was 0.5% short of their $60.3B target. As a result, Cook received $8.75 million in 2016 compensation, down from $10.3 million in 2015.
Cook’s 15% drop is significantly higher than other Apple executives, which saw an average of a 9.6% decline in pay, as cash incentives make up a larger portion of his compensation. CFO Luca Maestri’s pay fell 10% to $22.8 million ($20 million in stock).
This is the first time in Tim Cook’s tenure Apple has failed to hit its maximum revenue target for the year. All eyes will be on the company later this month, as it reveals earnings for its fiscal Q1. The last holiday quarter is the last time it saw YoY growth.