Apple today revealed that its executive team, including CEO Tim Cook received a pay cut for their performance in 2016, reflecting the first drop in income in 15 years.
Adjusted payment comes as a result of Apple's incentive opportunities based on effective performance for its top executives. With net sales of $ 215.6 billion and operating income of $ 60 billion, Apple was slightly below its targets set by the company's compensation committee.
"This performance resulted in a combined payment of 89.5% of the target for each appointed executive," as revealed by Apple.
For Cook and his team, things could have been worse as Apple's compensation committee has the ability to adjust payments (cut) based on performance and individual contributions. However, the committee determined that no more cuts would be made.