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Apple missed its sales goal last year so Tim Cook got a pay cut

Tim Cook’s total 2016 compensation package was $8.75 million, compared to $10.28 million in 2015, and he wasn’t the only top brass at Apple to receive a pay cut. Company executives received just 89.5% of their targeted cash incentives for the year, compared to 100% the year before. That’s according to a new regulatory filing cited today by MarketWatch. With iPhone sales in a slump, Apple is struggling with declining revenue. The company failed to hit its profit goal for 2016. Annual sales were off by 3.7%.   

[Photo: David Paul Morris/Bloomberg via Getty Images]CZ