By the end of 2016, CEO Tim Cook and other senior personnel of tech company Apple, witnessed a drop in their annual revenue and so concluded in lower pay scales. The drop came as a result of lower revenue of weaker sales in its flagship iPhone.
With reference from the Securities and Exchange Commission, Tim Cook gathered a total amount of $8.75 million in compensation. This included $3 million as the basic salary, hence earning more than $10 million overall. Other senior executives also saw a down size in their compensation for 2016.
According to filed reports, the executives received 89.5% of cash incentives for 2016 where the company announced its first decline since 2001. In fact, the operating income also went down from $71.2 billion in 2015 to $60 billion in 2016.