Apple cuts Tim Cook's pay 15% for missing sales goals

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 5 months ago '05        #1
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MyZ28 9 heat pts
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Apple cuts Tim Cook's pay 15% for missing sales goals
 

 
Apple's sales slump is taking a bite out of Tim Cook's paycheck.
The iPhone maker cut Cook's pay by 15% last year to $8.7 million, according to a filing released on Friday.
Apple (AAPL, Tech30) specifically cited the company's failure to meet its performance goals for both sales and profits. Shrinking iPhone sales last year caused Apple to suffer its first annual revenue decline in 15 years.
Now Apple's board is holding its CEO and other leaders accountable for the stumbles.
While Cook's salary rose to $3 million from $2 million last year, his cash bonus took a hit. Apple awarded Cook and other executives 89.5% of their target, instead of the maximum amount like in recent years.
That meant Cook's cash bonus fell to $5.4 million in 2016, down from $8 million the year before. All told, Cook's total compensation was $8.7 million last year, compared with $10.3 million in 2015.

But don't feel too bad for Cook, whose real fortune is linked to his vast holdings of Apple stock.
Last year, Cook completed five years as CEO and nearly 1.3 million of his previously restricted Apple shares vested. The shares were worth about $136 million.
As in previous years, Cook's 2016 pay was below that of his top lieutenants. All five senior executives below him, whose salary is made public, made just under $23 million in 2016. That includes Luca Maestri, Apple's chief financial officer, as well as retail boss Angela Ahrendts.
Apple's rare sales slump is directly linked to the loss of momentum for the iPhone, which generates the majority of the tech icon's sales.
Sales of iPhones have declined in each of the past three quarters, slipping to 45.5 million in the September quarter. The problem is that Apple has faced steep competition from Samsung and other smartphone makes and the newest iPhones haven't featured enough upgrades to lure customers.
Apple's stock ended 2016 with a healthy gain of 10%. That compares with a 13% gain for the Dow and 9.5% for the S&P 500. The popular stock received a boost in early September thanks to the Galaxy Note 7 disaster, which forced Samsung to discontinue the phone.
Apple will reveal just how much it benefited from Samsung's pain when the company reports quarterly numbers on January 31.


visit this link http://money.cnn.com/2017 .. inkId=33143850


I bet he still made more money than the previous year tho. Apple make money regardless....


Last edited by MyZ28; 01-08-2017 at 01:09 PM..
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messy marv stan and 1 others slapped this ish
 

39 comments for "Apple cuts Tim Cook's pay 15% for missing sales goals"

 5 months ago '04        #2
Budala 416 heat pts416
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$12,161 | Props total: 541 541
It's still a pay cut but when you making that much bank
wesleypipes and 8 others gave props
 
 5 months ago '04        #3
BigJay.inc 20 heat pts20
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$5,389 | Props total: 6889 6889
I feel bad for him .... rich muddasucka!

136m in holdings. Damn that's sweet
Aztlan gave props
 
 5 months ago '15        #4
SavageSS 2 heat pts
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$506 | Props total: 1750 1750
On a performance based job, this is what should happen when you don't perform. I mean 15% ain't even gonna phase this dude but still. Know when he break some sales records that bonus going to more than make up for this ish/
chizz and 1 others gave props
 
 5 months ago '11        #5
nbrock 25 heat pts25
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$1,942 | Props total: 664 664
He needs to be fired. No type of innovation.
LBThrizzy and 15 others gave props
 
bx to the tx and 1 others slapped this ish
 
 5 months ago '05        #6
Sub Crazy 14 heat pts14
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Is this the n*gga who got rid of the headphone jack?

fu*k him.
storyboutdamans and 20 others gave props
 
 5 months ago '15        #7
storyboutdamans 4 heat pts
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$246 | Props total: 243 243
this trend will continue. especially if they go ahead with all that stylus bullsh*t bro. Apple never even thought they could compete with Samsung Note and phone/tablet combo until the Note 7 disaster.
killinemsoftly and 1 others slapped this ish
 
 5 months ago '07        #8
ptwist 41 heat pts41
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$15,247 | Props total: 4150 4150
Brand is still strong but I think it's time they hire some new cat to add a new flair to their marketing and overall presentation.

The whole Jony Ive english mumbo jumbo to weird music in up close and slow motion of the the devices is getting old.

Iphone 10th Anniversary should be interesting though.
MyZ28 and 1 others gave props
 
 5 months ago '05        #9
Y.G. 27 heat pts27
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 ptwist said:
Brand is still strong but I think it's time they hire some new cat to add a new flair to their marketing and overall presentation.

The whole Jony Ive english mumbo jumbo to weird music in up close and slow motion of the the devices is getting old.

Iphone 10th Anniversary should be interesting though.
Nothing wrong with their marketing. It's the fact that their product lineup is as weak as it's ever been.

Jobs was the creative, Cook is just a supply chain guy. Until they get another mind like Jobs in there to man the ship, the product line will continue to be stagnate.
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 5 months ago '12        #10
nxtiq 27 heat pts27
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�� got rid of headphone jack....sales decline....


Yep.

bx to the tx and 1 others slapped this ish
 
 5 months ago '14        #11
Swade009 48 heat pts48
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 Sub Crazy said:
Is this the n*gga who got rid of the headphone jack?

fu*k him.
Apple plans things years in advance.... This might have been planned before Jobs died.
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TheChief and 4 others slapped this ish
 
 5 months ago '04        #12
infam0uskills 14 heat pts14
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i wonder how he will pay bills with a 15% paycut
MyZ28 and 2 others gave props
 
 5 months ago '16        #13
NYFASHIONKING 23 heat pts23
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$1,615 | Props total: 2777 2777
Had iPhone and Galaxy's and Galaxy's are waaaay better. Samsung Gangnam for life.
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bx to the tx and 3 others slapped this ish
 
 5 months ago '15        #14
Soulvoyage 44 heat pts44
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 nbrock said:
He needs to be fired. No type of innovation.
This
 5 months ago '12        #15
Prostyle 2 heat pts
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RSU Stock options are godly

waiting for em to vest doe...
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 5 months ago '05        #16
PussyFiend 
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 SavageSS said:
On a performance based job, this is what should happen when you don't perform. I mean 15% ain't even gonna phase this dude but still. Know when he break some sales records that bonus going to more than make up for this ish/
Lol, what sales records is he going to break? Apple is 2-3 years behind their competition with every phone release

"Look at us, we're innovating with these ugly a.ss wireless ear buds"

gtfoh..
Knucklez gave props
 
 5 months ago '15        #17
SavageSS 2 heat pts
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 pus*yFiend said:
Lol, what sales records is he going to break? Apple is 2-3 years behind their competition with every phone release

"Look at us, we're innovating with these ugly a.ss wireless ear buds"

gtfoh..
n*gga please, miss me with that fanboy bullsh*t, a.ssuming he performs his job and gets better numbers there will be a bonus is all i'm saying . I don't have a dog in this f!ght. I buy what I want, but to think that the CEO of the most profitable company in the world doesn't have a plan, you are mistaken. Or they might just fire his a.ss, either way it ain't going to affect my check.
Bazileus slapped this ish
 
 5 months ago '14        #18
Dawknight316 2 heat pts
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Make apple great again.
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 5 months ago '11        #19
DJ EM Double 29 heat pts29
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 Y.G. said:
Nothing wrong with their marketing. It's the fact that their product lineup is as weak as it's ever been.

Jobs was the creative, Cook is just a supply chain guy. Until they get another mind like Jobs in there to man the ship, the product line will continue to be stagnate.
All of Tim Cook's ideas for the future are literally everything Jobs said he hated in keynotes, he said stylus sucks boom stylus, no big phones boom big phones

now he is fresh out of things Jobs said sucked so who knows what they are going to do now
Knucklez gave props
 
 5 months ago '13        #20
misterethoughts 127 heat pts127
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Isn't Apple working on some type of software for the car?
Shard gave props
 
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