Apple, Inc. (NASDAQ: AAPL) CEO, Tim Cook had received $8.75 million in compensation for 2016, according to an SEC filing. In 2015 the CEO had received $10.28 million. The iPhone maker had missed its profit and revenue targets for 2016, which forced most executives to receive only about 90 percent of their annual salary.
Annual sales were down about 4 percent. “Overall, our 2016 performance with respect to net sales and operating income was 7.7 percent and 15.7 percent below our record-breaking 2015 levels,” Apple reported in a filing. “However, the 2016 payouts to our named executive officers were significantly less than the annual cash incentive payouts for 2015, reflecting strong pay-for-performance alignment.”
Since 2010, guidance and expectations has increased each year for the tech giant. 2016 is the first year where Apple had not met revenue targets and profit expectations.