Friday, January 6, 2017

Ouch! Apple Computer cuts CEO Tim Cook's pay for poor performance.

According to a regulatory filing on Friday, Apple said its annual sales of $215.6 billion were 3.7% below its target of $223.6 billion, and its operating income of $60 billion was 0.5% short of the $60.3 billion target.
As a result, company executives got 89.5% of their targeted annual cash incentive. In 2015, the executives got 100%. In all, Mr. Cook received $8.75 million in total 2016 compensation, down from $10.28 million in 2015. Other executives also received lower pay.
But hey, if you screw up, a cut in pay is the correct response.

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