Apple penalized CEO Tim Cook for the iPhone maker’s first sales slump in 15 years with a 15 percent pay cut.
Cook still did extremely well, with a compensation package valued at $8.7 million for Apple’s fiscal year that ended Sept. 24, according to a regulatory filing made Friday. But the amount was down from nearly $10.3 million in the prior year.
The Cupertino, California, company cited a downturn in Apple’s revenue and operating profit as the main reason it cut the pay of Cook and its other top executives. Apple’s revenue dropped 8 percent to $216 billion, while its operating profit declined 16 percent to $60 billion. That was mainly because it sold fewer iPhones for the first time since the device came out in 2007.
It also marked the first time that Apple’s annual revenue decreased since 2001, which was just before the company’s late co-founder and CEO Steve Jobs unveiled the iPod. That digital music player set the stage for the iPhone and iPad.