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Apple CEO Tim Cook's Pay Declines After Weaker 2016 Performance

by Berkeley Lovelace, Jr., Special to CNBC.com /
Apple Inc. CEO Tim Cook speaks on stage at the company's World Wide Developers Conference in San Francisco, California. REUTERS/Stephen Lam

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Apple CEO Tim Cook's 2016 compensation declined after the iPhone maker missed its revenue and profit goals for the year.

He received $8.75 million in total compensation for the year, down from the $10.28 million he received in 2015, according to an SEC filing posted on Friday.

Apple Inc. CEO Tim Cook speaks on stage at the company's World Wide Developers Conference in San Francisco, California. REUTERS/Stephen Lam

Company executives received about 89.5 percent of their targeted annual incentives.

The company said its annual sales were down nearly 4 percent, or $215.6 billion, from its target of $223.6 billion, and its operating income was down 0.5 percent from its target at $60 billion, according to the filing.

Related: Apple's 2016 Wasn't Anywhere Near as Good as 2015

"Overall, our 2016 performance with respect to net sales and operating income was 7.7 percent and 15.7 percent below our record-breaking 2015 levels," Apple said in the filing.

"However, the 2016 payouts to our named executive officers were significantly less than the annual cash incentive payouts for 2015, reflecting strong pay-for-performance alignment."

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