Since the passing of Steve Jobs, many people gave mixed feedback at Tim Cook as a good replacement for the former Apple CEO. Apple sales continued to soar even if its products received flak from longtime iOS users. It was recently revealed, however, that Tim Cook net worth says otherwise. With Cook being part of other major companies as well, this only added to his tremendous wealth.
Tim Cook net worth: How much the Apple CEO received in 2016
A Game Spot report revealed how much the 56-year-old made last year. In a Securities and Exchange Commission filing, Apple announced how much money some of its top officers, including Cook, were paid in 2016. In the document, it was stated that Cook received $8.75 million, which was less than 2015’s $10.28 million.
Reportedly, Cook’s base salary was $3 million where he received a $5.37 million owing to “incentive pay.” These figures are relatively lower than the previous fiscal year’s where he also received added bonuses tagged as “other compensation.”
Tim Cook just made an intriguing promise about the iPhone https://t.co/Gi78jpbokh
— The Independent (@Independent) January 9, 2017
Tim Cook net worth despite declining sales in 2015
Ars Technica published some of Apple’s officers’ earnings on their website. Reportedly, the company raked in a whopping $215.6 billion in sales in 2016. Interestingly, the numbers prove to be big despite the company sales declining from $233.7 billion in the last fiscal year.
Both the company’s sales and its operating income also fell from $71.2 billion in 2015 to $60 billion in 2016. These two metrics, however, were enough to cut Cook and other top Apple executives’ incentive-based pay.
Overall, Apple’s revenue fell this year mostly because iPhone sales declined. The same publication notes that the iPhone 6S was “unable to repeat the iPhone 6’s success.” In fact, sales in China dwindled after reaching an all-time high in 2015. Also, with the iPhone SE hitting the market, the gadget’s average selling price drastically lowered the iPhone’s price in general.
Next year, as per reports, the company will tailor top executives’ pay depending on their performance. Specifically, “up to 50 percent of long-term equity incentives (like stock)”
On Jan. 31 this year, reports about the company’s earning for the first quarter of fiscal year 2017 will be revealed. So far, projected revenue is allegedly not more than $78 billion, which is an increase from its earnings during the first quarter of 2016 which was $75.9 billion.
— CNN (@CNN) January 8, 2017