Apple slashed the salary of CEO Tim cook because of weak performance in 2016
Apple CEO Tim cook earned in 2016, less $8.7 million, as the company has not reached its goals for financial performance. About this MacRumors reports with reference to the documents published by the Commission on securities and exchange Commission (SEC).
According to the official reports, earnings Apple CEO for 2016 was significantly lower than other top managers of the “Apple” giant. In particular, Tim cook earned almost three times less than the financial Director of the meadows Maestri, Vice President of software eddy cue and head of the network of retail Angela Ahrendts.
In 2014, Tim cook earned $9,22 million, thereby doubling its revenue compared to 2013. Next year, he has increased earnings to $10.3. However, in 2016, the cash compensation of the head of the world’s largest corporations amounted to only $8.7 million. the paper reported that Apple has not reached its target of operating profit and net sales last year, with the result that cook earned 89.5% of the planned amount. A year earlier his income was 100%.
The head of Apple retail Angela Ahrendts earned more than other top managers of the company in 2016
The income of top managers of Apple in 2016:
- Apple CEO Tim Cook: $8 747 719.
- Chief financial officer Apple Luca Maestri: $22 803 569.
- Head of retail Apple Angela Ahrendts: $22 902 892.
- Vice President of worldwide services eddy cue: $22 807 544.
- Apple’s Vice President of hardware Dan Riccio: $22 807 544.
- Apple General counsel Bruce Sewell: $22 807 544.
MacDigger previously reported that Apple CEO earned a year less than the heads of three Russian state companies Gazprom, Rosneft and Sberbank. The head of “Gazprom” Alexey Miller has made $17.7 million and Earnings of the President of “Rosneft” Igor Sechin was $13 million, and Herman Gref of Sberbank – $11 million
Previously, Tim cook said that all his fortune he donates to charity. But he will pay for the education of his 11-year-old nephew.