Tim Cook Sees Pay Decrease Along With Apple Performance

Apple chief Tim Cook saw his annual salary slip of $ 11.6 million (about Rs 83.24 crore) in 2019, after the company recorded a weak financial performance in the previous financial year, according to documents recorded on Friday. Cook, who took home $ 15.7 million (about Rs 112.66 crore) in 2018, is paid a base salary of $ 3 million, in addition to bonuses and various indemnities. His 2019 incentive bonus, which is tied to Apple's performance, is more than about $ 7.7 million (about Rs 55.25 crore) and was calculated based on the fact that Apple exceeded its sales target by just 28 per cent Was.

The Securities and Exchange Commission said that compared to $ 12 million (roughly Rs 86.11 crore) in 2018, its sales are 100 per cent above target.

Cook's 2019 salary included another $ 885,000 (approximately Rs 635.08 lakh) worth of benefits, most of which were for security and private jet use.

"For safety and efficiency reasons, the board requires Mr Cook to use private aircraft for all business and personal travel," the filing said.

In addition to his salary, Cook also filed shares of Apple worth more than $ 113 million (roughly Rs 810 crore), vested as part of his long-term compensation as head of the firm.

As iPhone sales weakened, Apple is making changes in earnings from digital content and services sold to veterans of its devices.

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Apple reported net sales of $ 260.2 billion (about Rs 18,67,221 crore) and operating income of $ 63.9 billion (about Rs 4,58,552 crore) for 2019.