In pictures: Apple CEO Tim Cook earns $15.7 million, salary rises 22%
Apple CEO Tim Cook has received a salary increment of 22 per cent following the news of production cut by 10 per cent, indicating a steeper-than-expected 'economic deceleration' in China and emerging markets.
22% raise in salary
Apple gave its chief executive Tim Cook a hefty 22 per cent pay raise in 2018, bringing his total compensation for the year to almost $ 15.7 million, according to a filing submitted to the Securities and Exchange Commission.
Bonus and 'other compensation'
The figure comprised a base salary of $ 3 million, a $ 12 million bonus and $ 680,000 what was called 'other compensation' that includes private air travel and security expenses.
Apple's compensation committee cited the company's strong sales performance over the year in justifying the bonus.
Pay raise in the second running year
Cook, 58-year-old successor to the late Steve Jobs got a major pay raise in the second running year. In 2017 he received $ 12.8 million while in 2016 he made $ 8.7 million.
The news came a week after Apple cut its revenue outlook for the latest quarter.
Apple cuts production by 10%
Apple asked its suppliers late last month to produce fewer-than-planned units of its XS, XS Max and XR models reducing its planned production by about 10 per cent for the January-March quarter, the Nikkei Asian Review reported.
Many analysts and consumers have said the new iPhones are overpriced.
This cut has exposed weakening iPhone demand in China, the world's biggest smartphone market.
India - a major focus for Cook
Chief Executive Tim Cook reiterated in an interview with CNBC on Tuesday that India was a major focus for Apple.
Reuters reported last month that Apple will begin assembling its top-end iPhones in India through the local unit of Foxconn this year, citing a person familiar with the matter.
Expensive new iPhones
The disclosure of Cook's salary rattled investors, some of whom viewed the weakened forecast as a sign the company lacks a major new gadget after the iPhone.
Many analysts and consumers have earlier said that the new iPhones are overpriced.
Apple ranks #4 in biggest companies
Shares of Apple sank 10 per cent in the first session after the announcement, its worst day since 2013, contributing to a big pullback in the tech giant's stock market performance over the last three months.
Long the biggest company by market capitalisation, Apple is now fourth behind Amazon, Microsoft and Google parent Alphabet.