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Cut in Apple CEO Tim Cook's salary after poor iPhone sales in 2019

Apple, which spearheaded smartphone innovation in early stages of the boom post-2000 has found its invincible streak halted somewhat. Apple iPhones, still a status symbol, are selling less than they once used to.

India TV Business Desk Written by: India TV Business Desk New Delhi Updated on: January 04, 2020 21:51 IST
Cut in Apple CEO Tim Cook's salary after poor iPhone sales

Cut in Apple CEO Tim Cook's salary after poor iPhone sales in 2019

Responsibility starts at the top. And Apple's Chief Executive Officer Tim Cook found it first hand as he had to take a pay-cut after Apple's weaker-than-expected sales performance in 2019. This has come to light as Apple filed documents at US's Securities and Exchange Commission (SEC) on Friday. Apple, which spearheaded smartphone innovation in early stages of the boom post-2000 has found its invincible streak halted somewhat. Apple iPhones, still a status symbol, are selling less than they once used to. The prices have become prohibitive even for the rich and factors such as this have resulted in Apple's market share dwindle considerably.

"Cook's total pay fell last year as the company failed to top its financial targets by as much as in 2018, but Cook still amassed $125 million in total compensation," said Apple in its report on Friday.

According to the SEC filing, Cook received $3 million as base salary in 2019 but his bonus slid to $7.67 million from $12 million, reports Seeking Alpha.

Cook still took home nearly $125 million as his total compensation (including Apple shares worth 113.5 million) -- nearly 8 per cent lower than $136 million he received in total compensation in 2018.

Apple exceeded its targets of $256.6 billion in net sales and $60.1 billion in operating income for fiscal 2019.

Cook, who became Apple CEO in 2011 has so far taken $963.5 million in total compensation, according to information services firm Equilar.

Apple shares hit a new all-time high of $300 on Thursday, marking a significant growth over the course of the last year. In early January last year, Apple shares were at $144.

Apple stock has surged owing to reports of better than expected iPhone 11 and 11 Pro sales and reports of stronger AirPods Pro sales.

The company's stock rose by nearly 90 per cent last year.

For its fiscal 2019 fourth quarter that ended September 28, Apple posted quarterly revenue of $64 billion -- an increase of 2 per cent from the year-ago quarter, and quarterly earnings per diluted share of $3.03, up 4 per cent.

International sales accounted for 60 per cent of the quarter's revenue.

For its fiscal 2020 first quarter (October-December period), the company expects revenue between $85.5 billion and $89.5 billion and operating expenses between $9.6 billion and $9.8 billion.

(With agency inputs)

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