Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2012        Go!    
 
 
January 20, Friday 2017 11:12 AM       

       HEADLINES: Permission given to carry body of Santhosh in procession                                              Kodiyeri denies party‚Äôs role in murder                                              Divorce granted by church court can't override law: SC                                              NIA says LeT behind Uri, Handwara attacks                                              LCA Tejas to take maiden R-Day flight                                              'Jallikattu' stir spreads to Lanka, UK and Australia                                              Pak parl committee seeks fund to enhance security of FO                                              Saina, Jayaram reach quarterfinals in Malaysia Masters                                              Probably one of my best innings, says Yuvraj Singh                                              Kaumudi Facebook
       BUSINESS Next Article: Govt clears 26% stake sale in BEML  
       Apple cuts Tim Cook's pay as iPhone sales fall first time
 
         Posted on :18:59:17 Jan 7, 2017
   
A A
       Last edited on:18:59:17 Jan 7, 2017
         Tags: Apple, Tim Cook's pay, iPhone sales, first t
 
LOS ANGELES: iPhone maker Apple has cut its CEO Tim Cook's salary by a whopping 15 per cent for 2016 as annual sales declined for the year, missing targets that also led to the tech giant's first annual revenue decline in 15 years.
 
The company gave the 56-year-old USD 8.75 million in total compensation last year, down from the USD 10.28 million he received in 2015, according to a Securities and Exchange (SEC) filing released yesterday.
 
Cook's salary rose to USD 3 million from USD 2 million last year - a 50 per cent increase, his cash bonus took a hit. Apple awarded Cook and other executives 89.5 per cent of their target, instead of the maximum amount like in recent years.
 
Hence, Cook's cash bonus fell to USD 5.4 million in 2016, down from USD 8 million the year before and declining for the first time since he assumed leadership of the company in 2011.
 
Apple specifically cited the company's failure to meet its performance goals for both sales and profits. Sales volume of the iPhone fell in fiscal 2016 for the first time since the device was introduced in 2007, causing the tech icon to suffer its first annual revenue decline in 15 years.
 
The company said its annual sales were down nearly 4 per cent, or USD 215.6 billion, from its target of USD 223.6 billion, and its operating income was down 0.5 per cent from its target at USD 60 billion, according to the filing.
 
"Overall, our 2016 performance with respect to net sales and operating income was 7.7 per cent and 15.7 per cent below our record-breaking 2015 levels," Apple said in the filing. 
 
"However, the 2016 payouts to our named executive officers were significantly less than the annual cash incentive payouts for 2015, reflecting strong pay-for-performance alignment."
 
Apple's rare sales slump is directly linked to the loss of momentum for the iPhone, which generates the majority of the company's sales.
 
Sales of iPhones have declined in each of the past three quarters, slipping to 45.5 million in the September quarter, with reports saying Apple has faced steep competition from Samsung and other smartphone makes and the newest iPhones did not feature enough upgrades to attract customers.
 
In October, Cook said that demand for the iPhone 7 and the bigger 7 Plus, which feature enhanced cameras and longer battery life, have outpaced supply though Apple would only report quarterly sales for those phones on January 31.
A A
       BUSINESS
Next Article: Govt clears 26% stake sale in BEML
 
 
BUSINESS HEADLINES
Right time to invest in India: Gadkari  
Autonomy impinged, protest RBI staff  
Will continue my association with TCS: Chandra to employees  
RBI may cut repo rate by 25 basis points in Feb: HSBC report  
SpiceJet strikes Rs 1.5 L cr deal with Boeing for 205 planes  
Retail inflation hits 3-year low of 3.41%  
TCS names Rajesh Gopinathan as MD and CEO  
Factory output grows 5.7 pc in Nov, shrugs off slowdown fears  
TCS Q3 net profit up 11% to Rs 6,778 cr  
Demonetisation, GST to make society tax compliant: Jaitley  
Patel urges govt to rein in borrowings, inflation  
GoAir firms up order for 72 A320 neo planes worth Rs 52,000 cr  
Nano project led to Gujarat as car mfg hub: Ratan Tata  
Yahoo Chief Mayer to leave company board after Verizon sale  
Auto sales at 16-yr low in Dec as demonetisation takes toll  
FM cites higher tax mop up to dismiss economic slowdown fears  
Demonetisation just a bump; India to maintain 7% growth: Cisco  
Volkswagen defies 'dieselgate' to boost sales in 2016  
'Despite demonetisation, India to grow faster than China'  
Apple cuts Tim Cook's pay as iPhone sales fall first time  
Govt clears 26% stake sale in BEML  
NRIs can deposit old banknotes till June 30  
Sensex ends 119 down after hitting 27k, IT stocks melt  
Reserve Bank unlikely to cut key rate in February: Report  
Gold maintains uptrend, hits 1-month high  
 
Azharuddin's nomination for HCA president's post was rejected. Do you agree to this?
Yes
 
No
 
Don't know
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy