Apple cuts CEO pay after iPhone sales slump

Apple cuts CEO pay after iPhone sales slump

CALIFORNIA: Apple Inc. has penalized its Chief Executive Tim Cook with a fifteen
percent pay cut as the sales slump for the first time in fifteen years.

“Apple’s net sales fell 3.6 percent to $215.6 billion against its set target of $223.68 billion,” the company’s SEC filing showed Friday.

Operation income also missed the target of $60.3 billion and stayed at $60 billion, depicting a 0.5 percent decline.

Due to weak performance, Tim Cook’s salary was cut by fifteen percent besides many of the company’s executives.

Apple’s CEO Tim Cook received a compensation package totaling $8.7 million for the period covering Apple’s fiscal year ending on September 24th. however, this amount was a major fall from the previous year, where cook got about $10.3 million.

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