FX.co ★ Apple CEO salary falls amid weak 2016 sales revenues

Last year, people and businesses around the world faced a tough challenge. Geopolitical tensions and economic turbulence dealt a blow to both advanced economies and emerging markets. The CEO of legendary Apple Inc. also could not avoid the aftermath of a global economic slowdown.

According to the Apple payrolls, Tim Cook’s earnings contracted 15% for the 2016 year. The top executive received $8.75 million of a total annual salary. That was way below than $10.3 million he earned in 2015. The reason behind a drop in Tim Cook’s salary is that the iPhone maker missed its revenue and profit goals for 2016. Company executives were paid about 89.5% of the company’s annual net profits.

Last year, Apple rolled out a series of new gadgets, including a new iPhone, wireless Airpod, and MacBook Pro. Nevertheless, the company reported that its annual sales went down nearly 4%, or $215.6 billion, from its target of $223.6 billion. Besides, its operating income fell 0.5% from the target of $60 billion. Importantly, the company showed a tepid performance compared to record-breaking levels of 2015.