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Apple CEO Tim Cook Takes Financial Hit After Poor 2016 | Mobile phone latest news Google+ Follow Smartfonefreaks on Twitter





Tim Cook Apple's CEO has taken a bit of a hit after a less than stellar 2016 where they failed to meet their annual sales goals.
 
According to a Securities and Exchange Commission filing from Apple on Friday, 
Cook earned $8.75 million in 2016. This is almost $2 million less than the $10.28 million he earned in 2015, and the $9.22 million earned in 2014.

Apple had set a target to surpass the $223.6 billion made in sales in 2015. Unfortunately, it was not to be as they only sold units worth $215.6 billion.

This in turn, affected the earnings of the top Apple executives which includes Cook and they received only 89.5 percent of their annual cash incentives.

For 2016, Cook's total compensation included $5.37 million in cash incentive pay, compared with $8 million in 2015 and $6.7 million in 2014.

His base salary increased, though, from $2 million in 2015 to $3 million last year.

Sales of the iPhone dipped in 2016 and with the company making more than two-thirds of its revenue from the iPhone, a dip in sales is quite detrimental to them.

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