Apple CEO Tim Cook and other members of Apple’s executive team have received less compensation in 2016 as a result of revenue and profit goals for the year being missed, the Wall Street Journal reports. In its regulatory filing from earlier today, Apple stated that its revenue and operating income for 2016 had missed both its targeted and its stretch goals — the first time the company has failed to surpass its stretch goals since 2009, and the first time ever during Tim Cook’s tenure as CEO.
As a result, unlike in prior years, company executives did not receive the full cash incentives specified in their compensation packages. In total, Apple CEO Tim Cook received $8.75 million in compensation for 2016, down from $10.3 million the year prior — a 15 percent decline; other Apple executives named in the regulatory filings saw an average decline of 9.6 percent.
Apple has faced declining revenue in 2016 as a result of the first prolonged slump in iPhone sales, which account for 63 percent of the company’s annual revenue.
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