If you’re the CEO of one of the biggest companies in the world, it’s expected that you’ll be earning more than anyone can ever have in one’s lifetime. That’s exactly the case of Apple CEO Tim Cook. Unfortunately, when the company falls short of its sales and profits’ goals, does it mean that there will be a drop in one’s overall pay as well?
Back in 2015, Cook took home a $10.3 million but took home a smaller amount (but still in millions) last year. He only received $8.7 million. These details were taken from documents filed with the Securities and Exchange Commission.
In its annual proxy statement, Apple announced, “Apple was below its target performance goals for both net sales and operating income, resulting in a payout of each named executive officer’s annual cash incentive at 89.5 percent of target.” Apple aimed to surpass the sales it had back in 2015, which was $223.6 billion. Unfortunately, the company only brought in $215.6 billion. The last time the company missed its sales and profit goals was back in 2009.
Source: Indian Express
2016 has been a challenging year for selling iPhones since the shipment declined. Most of the company’s sales come from the iPhone, making it an alarming case for Apple.
We wonder if the next iPhone will help increase the sales of the company? 2017 may be a big year for the iPhone as it will be celebrating its 10th anniversary.