Apple iPhone revenue slump results into CEO Tim Cook 15% salary-cut

Apple | January 07, 2017

Apple iPhone revenue slump results into CEO Tim Cook 15% salary-cut
Apple iPhone sales took a slump, which led to the company not meeting its revenue and profit target for the year 2016. The sales dip has made the Cupertino giant cut its CEO Tim Cook’s pay for year.  Cook received $8.75 million (roughly Rs 57.88 crore) in total compensation for 2016, which was $10.28 million in 2015. Earlier, the $10.28 million (roughly) Rs 68.52 crore) pay was declined by the company when Cook assumed office in 2011. However the  base salary of CEO rose 50 per cent, up to $3 million. “According to a regulatory filing on Friday, Apple said its annual sales of $215.6 billion were 3.7 per cent below its target of $223.6 billion, and its operating income of $60 billion was 0.5 per cent short of the $60.3 billion target,” The Wall Street Journal reported. Not only Cook, but Apple’s five-most senior executives also observed their total compensation going down for fiscal year 2016, each declining around nine per cent to about $22.8 million from $25 million in the previous year. The fall in revenues has been observed for the first time since 2001. Also this is for the first time when iPhone sales took a dip, ever since the first iPhone device was introduced in 2007.

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Jennifer Grantham, senior director of annual giving at San Diego Humane Society (SDHS), discusses why her organization’s partnership with Blackbaud is so critical to its mission. SDHS uses the Cloud Solution for Nonprofits for everything from financial reporting to stewarding monthly donors.


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Shiner Brewer Donates $500,000 to Nonprofit Texas Restaurant Relief Fund

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Spotlight

Jennifer Grantham, senior director of annual giving at San Diego Humane Society (SDHS), discusses why her organization’s partnership with Blackbaud is so critical to its mission. SDHS uses the Cloud Solution for Nonprofits for everything from financial reporting to stewarding monthly donors.

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