Tuesday 26 / November / 2024
New York: Apple's sales slump is taking a bite out of Tim Cook's paycheck, according to a report in CNN.
The iPhone maker cut Cook's pay by 15% last year to $8.7 million, according to a filing released on Friday. Apple (AAPL, Tech30) specifically cited the company's failure to meet its performance goals for both sales and profits. Shrinking iPhone sales last year caused Apple to suffer its first annual revenue decline in 15 years. Now Apple's board is holding its CEO and other leaders accountable for the stumbles.
While Cook's salary rose to $3 million from $2 million last year, his cash bonus took a hit. Apple awarded Cook and other executives 89.5% of their target, instead of the maximum amount like in recent years.
