| Title | Apple's Profit Slump Means a Pay Cut for Tim Cook | |
| Date | Monday January 09 2017, @05:22AM | |
| Author | janrinok | |
| Topic | ||
| from the what's-a-few-million-between-friends? dept. | ||
Apple CEO Tim Cook's total compensation took a dive for 2016, as the company missed its financial targets for the year. The company's earnings for the year to Sept. 24 dropped 14 percent compared to a year earlier. As a result, Cook's total compensation dropped 15 percent -- despite a 50 percent rise in base salary.
He certainly won't have to start eating ramen noodles -- he made $8,747,719, after all -- but he and fellow senior executives lost out on a few million each because of the poor performance.
Cook's compensation consists of a base salary and an annual cash incentive that can reach be worth four times base salary if the company's revenue and earnings exceed the maximum goals set, as they did in 2015 when Cook received $10.28 million, including $280,000 in "other" compensation.
In 2016, in contrast, the incentive was only 1.79 times base salary, according to documents Apple filed with the SEC on Friday. Luckily for Cook, that $1 million pay rise at the start of the year also receives the multiplier: Without that, he would have made less than $5 million in total.
Apple also provided compensation details for five other executives in its filing. They all made more than Cook.
-- submitted from IRC
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printed from SoylentNews, Apple's Profit Slump Means a Pay Cut for Tim Cook on 2024-04-25 17:07:13