Here's How Much Money Apple's CEO Made Last Year
Tim Cook and others could have made even more if Apple's sales were better.
Apple has announced how much money some of its top executives, including CEO Tim Cook, were paid in 2016. In a Securities and Exchange Commission filing, Apple announced that Cook received $8.75 million during the last financial year, which is down from $10.28 million in the previous fiscal year.
As reported by Ars Technica, Cook's base salary was $3 million (up from $2 million in 2015), while he also received $5.37 million from "incentive pay," which was down from $8 million last year. Finally, Cook's 2016 pay included $377, 719 in "other" compensation.
Five other "named executives" mentioned in the filing, including CFO Luca Maestri and Apple's internet services VP Eddy Vue, each took home more than $22.8 million during the year. Here is the full SEC document.
Cook and other Apple executives could have made more from incentive-based payments had it not been for a somewhat challenging year for Apple. Due in part to lower iPhone sales, the company posted its first year-on-year sales decline since 2001, with total revenue for the fiscal year dropping from $233.7 billion in 2015 to $215.6 billion in 2016. Operating income also slid, coming in at $60 billion as compared to $71.2 billion in 2015. Last year, Cook took home an $8 million cash bonus, which, as mentioned above, fell down to $5.37 million this year.
As Ars Technica explains, Apple is switching things up somewhat in fiscal 2017 as it relates to executive payment. This year, executives can receive up to 50 percent of "long-term equity incentives" based on the company's performance. Apple will report earnings next on January 31.
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