As a result of Apple’s performance based executive compensation packages, CEO Tim Cook and other leaders within the company will be taking pay cuts. Apple missed internal revenue and operating income targets for 2016 by 3.7 and 0.5 percent respectively, resulting in a 15 percent cut for the CEO.
Apple is reporting annual sales of $215.6 billion and operating income of $60 billion for the period ending September 24th 2016, according to a regulatory filing. Had the numbers not missed, Cook could have expected his 2015 compensation of $10.3 million to serve as a floor for 2016. Instead, the CEO will be hauling in $8.75 million. techcrunch.com