Tim Cook’s Pay Slump as Apple revenue drop for first time

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Tim Cook’s Pay Slump as Apple revenue drop for first time

Apple penalized Chief Executive Tim Cook for the iPhone maker’s first sales slump in 15 years with a 15% pay cut. 

Cook still did extremely well, with a compensation package valued at $8.7 million for Apple’s fiscal year that ended Sept. 24, according to a regulatory filing made Friday. But the amount was down from nearly $10.3 million in the prior year.

Apple’s revenue dropped 8% to $216 billion, while its operating profit declined 16% to $60 billion. That was mainly because it sold fewer iPhone for the first time since the device came out in 2007.

Apple’s regulatory filing revealed that the company was bracing for a sales drop last year, although not quite as steep as what occurred. The compensation committee for Apple’s board of directors had established a revenue goal of $224 billion for last year, which would have been a 4 percent decline from the previous year.

The company cited a downturn in Apple’s revenue and operating profit as the main reason it cut the pay of Cook and its other top executives.

 

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