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January 06, 2017

Apple CEO Tim Cook's Pay Cut Due to Poor Performance of Company

The New York Post summed up Cook's and Apple's terrible year last week. And it really was terrible.

The most recent evidence [of Apple's terrible year] came Friday, with a report from Nikkei, the Japanese news agency, that Apple will slash production of the iPhone 7 by about 10 percent because it "has sold more sluggishly than expected."

The downbeat news echoed this spring, when Cook was forced to announce a dismal milestone: Quarterly sales of the iPhone -- by many measures the most successful consumer product in history -- dropped for the first time ever.

The iPhone 7 has delivered yet another disappointment.

[W]hen the iPhone 7 got unveiled in September, the biggest difference reviewers found between it and the 6 models was that it lacked a headphone jack -- a switch that many actually found annoying.

Tim Cook and Apple share the same psychological disease -- mechanorexia, a tech-dysmorphia syndrome in which designers become convinced that essential features (ports, keyboards that are not shit, battery life) must be amputated from the device's body to make it thinner.

Well, now their sales and profits are thinner too.

And Cook's paycheck is thinner too.

Apple Inc. said Chief Executive Tim Cook and other leaders received less total compensation in 2016 as the company missed its revenue and profit goals for the year.

According to a regulatory filing on Friday, Apple said its annual sales of $215.6 billion were 3.7% below its target of $223.6 billion, and its operating income of $60 billion was 0.5% short of the $60.3 billion target.

As a result, company executives got 89.5% of their targeted annual cash incentive.

Must be nice when a failing performance still gets you a B+ bonus.

Maybe Obama can work there. Like as a spokesman.


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posted by Ace at 05:31 PM

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