Tim Cook's pay slides following down year for Apple

Apple CEO Tim Cook and other top executives saw their 2016 pay drop after the tech giant finished the year with lower revenue off weaker sales of its flagship iPhone.

According to a filing with the Securities and Exchange Commission, Cook received $8.75 million in total compensation, which includes a $3 million base salary. In 2015, Cook earned more than $10 million.

Other top execs including Eddy Cue, who runs Internet software and services at Apple, and retail chief Angela Ahrendts, also saw declines in compensation for 2016.

The filing says execs received 89.5 percent of cash incentives for the year, during which Apple reported its first decline in annual sales since 2001. Operating income also sunk from $71.2 billion in 2015 to $60 billion last year.

Shares of Apple are up nearly 1% in Friday trading. For 2016, Apple shares climbed 11 percent.

The dip in revenue is tied to sales of the iPhone, down from previous years. During the fourth quarter, Apple sold 45.5 million iPhones, a 5% drop from the same time last year.

Meanwhile, a report from Nikkei Asian Review says Apple will cut production of the iPhone during its 2017 first quarter.

This year could provide the iPhone and Apple with a sales rebound. It marks the 10th anniversary of the device, and rumors suggest Apple has big plans for the next iPhone, which should launch in the fall.

Follow Brett Molina on Twitter: @brettmolina23.


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