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Apple cuts CEO’s salary as iPhone sales decline

Apple penalized CEO Tim Cook for the iPhone maker’s first sales slump in 15 years  with a 15 percent pay cut.

Apple released its SEC filing on Friday, with net sales of $215.6 billion falling 3.6 percent short of the $223.68 billion target. Operation income came in at $60 billion, missing its $60.3 billion forecast by 0.5 percent. As a result of this performance, Apple has cut the pay of many of its top executive, including CEO Tim Cook.

According to the regulatory filing made by Apple on Friday,  Cook received a compensation package totaling $8.7 million for the period covering Apple’s fiscal year ending on September 24th. But this amount was a major fall from the previous year, where cook got about $10.3 million.