Apple CEO Tim Cook takes a pay cut amid falling iPhone sales

6 Jan 201721 Shares

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Tim Cook at Trinity College Dublin last year. Image: Laura Hutton/Shutterstock

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Failure to meet annual sales targets in 2016 has led to Apple CEO Tim Cook taking a pay cut.

Cook still earns more than most mortals, however, and received compensation of $8.7m for 2016.

This is down from the $10m he received in 2015 and the $9.2m he was paid in 2014.

According to a filing with the Securities and Exchanges Commission, top executives at Apple received only 89.5pc of their annual cash incentives.

This is because the Cupertino tech giant failed to surpass its $223.6bn earnings from 2015, earning $215.6bn in 2016.

In 2016, Cook received $5.3m from his incentive pay, compared to the $8m in 2015 and $6.7m he earned in 2014.

Nevertheless, Cook’s base salary increased to $3m in 2016, up from $2m.

The Apple business machines rumbles on

2016 was the first year that Apple’s flagship iPhone saw shipment declines.

But even despite the declining numbers, Apple is still a tough act to follow, with a war chest of $237.6bn in cash and investments.

This week, the company revealed that 1 January 2017 was the busiest day in the App Store’s history to date, with $240m in purchases made in those 24 hours.

Philip Schiller, Apple’s senior vice-president of worldwide marketing, revealed this week that app developers shared a bounty of $20bn in 2016 alone.

Tim Cook at Trinity College Dublin last year. Image: Laura Hutton/Shutterstock

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Editor John Kennedy is an award-winning technology journalist.

editorial@siliconrepublic.com