Apple’s falling sales and plummeting profits in 2016 have had a huge impact on not only the company but its highly placed executives as well.
Apple’s CEO, Tim Cook was one of those who were hit quite badly as he saw his annual salary and bonuses dwindle and fall due to the unsatisfactory financial performance of Apple this year.
He took home just $8.75 million in salary and bonus in 2016, which was more than 15% lower than the $10.3 million payment he got in the previous year.
But, there was a silver lining for Cook as he stood to earn $136 million from selling the shares by provided as part of his contract with Apple. These shares are part of a larger consortium of “perks” that Mr. Cook enjoys as part of his job title and its related benefits.
The current year earnings for Apple’s CEO stood at nearly $145 million after the huge boost that came from shares.
Apple has definitely seen its fortunes plummet during this year, despite the launch of a new phone and low competition from its main counterpart Samsung. Both of these electronic giants didn’t register the growth that people expected them too.
However, it is ironic to notice that the man who brought Apple from the brink of bankruptcy to become the world’s most valuable company, the iconic Steve Jobs, took a celebrated $1/ year salary during his tenure as Apple’s CEO.
Jobs introduced many new bestselling products like the hugely popular Iphone, but it seems that Cook and company are struggling to fill in the boots of Job’s great legacy. Apple has dabbled with a few problems in recent years which slowed down growth and lowered its earnings.
The data for Cook’s salary and related financial endowments was drawn from a report lodged to the Securities and Exchange Commission this year by Apple.