Apple filed today with the Securities and Exchange Commission (SEC), saying that due to the failure to achieve revenue and profit targets, the company’s executives including CEO Tim Cook declined in 2016.
Apple stated in the SEC file that the company’s 2016 sales were US$215.6 billion, which was 3.7% lower than the target of US$233.6 billion. Operating profit was 60 billion U.S. dollars, 0.5% lower than the 60.3 billion U.S. dollar target. Last year, Apple's revenue declined for the first time in 15 years, and iPhone sales continued to decline for the first time.
As a result, Apple's net sales fell by 7.7% in 2016, and operating profit fell by 15.7%.
For this reason, Apple executives did not get all of them to receive cash rewards, but got 89.5% of them. In the previous four years, these executives got all the cash rewards.
Among them, CEO Cook's total salary in 2016 dropped from 10.3 million US dollars in 2015 to 8.75 million US dollars, and the salary reduction rate reached 15%.
In addition, other executives’ pay in 2016 also declined, with an average decrease of 9.6%. For example, Luca Maestri's salary of CFO was 22.8 million U.S. dollars last year, which dropped 10% year-on-year.
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