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

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 2 weeks ago '05        #1
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MyZ28 6 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 02:09 PM..
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39 comments for "Apple cuts Tim Cook's pay 15% for missing sales goals"

 2 weeks ago '04        #2
Budala 416 heat pts416
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It's still a pay cut but when you making that much bank
wesleypipes and 8 others gave props
 
 2 weeks ago '04        #3
BigJay.inc 
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I feel bad for him .... rich muddasucka!

136m in holdings. Damn that's sweet
Aztlan gave props
 
 2 weeks ago '15        #4
SavageSS 
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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/
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 2 weeks ago '11        #5
nbrock 24 heat pts24
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He needs to be fired. No type of innovation.
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bx to the tx and 1 others slapped this ish
 
 2 weeks 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.
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 2 weeks ago '15        #7
storyboutdamans 4 heat pts
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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
 
 2 weeks ago '07        #8
ptwist 37 heat pts37
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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.
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 2 weeks 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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 1 week ago '12        #10
nxtiq 23 heat pts23
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�� got rid of headphone jack....sales decline....


Yep.

bx to the tx and 1 others slapped this ish
 
 1 week ago '14        #11
Swade009 39 heat pts39
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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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 1 week ago '04        #12
infam0uskills 13 heat pts13
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i wonder how he will pay bills with a 15% paycut
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 1 week ago '16        #13
NYFASHIONKING 5 heat pts
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Had iPhone and Galaxy's and Galaxy's are waaaay better. Samsung Gangnam for life.
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 1 week ago '15        #14
Soulvoyage 39 heat pts39
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 nbrock said:
He needs to be fired. No type of innovation.
This
 1 week 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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 1 week 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..
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 1 week ago '15        #17
SavageSS 
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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
 
 1 week ago '14        #18
Dawknight316 2 heat pts
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Make apple great again.
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 1 week ago '11        #19
DJ EM Double 28 heat pts28
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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
 
 1 week ago '13        #20
misterethoughts 65 heat pts65
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Isn't Apple working on some type of software for the car?
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