Apple’s Chief Executive Tim Cook has had to take a cut in his salary thanks to the slump in iPhone sales, a report in The Economic Times said.
According to it, Cook took a 15% cut in his compensation from the $10.3 million (nearly Rs 68.52 crore) he earned last year. This year, his compensation package was valued at $8.7 million (nearly Rs 57.88 crore) for the fiscal ending September 24, according to a filing to the Securities and Exchange Commission (SEC).
According to media reports, Cook was slapped with a pay cut because the company’s revenues fell for the first time since 2001 and the sales of the iPhone fell for the first time since its launch in the fiscal.
The Cupertino-based company sold 8% less products (in value) in the fiscal-ended September 24, according to The Guardian. Apple sold iPhones, Macs and other products worth $215.6 billion compared to the $233.7 billion-worth products sold last year, the report said.