World news

Apple boss Tim Cook earned £117 million in 2016

Apple CEO Tim Cook made £117 million last year
Ravender Sembhy, Press Association

APPLE chief executive Tim Cook took home a bumper $145 million (£117 million) pay packet last year after reaping the benefits of a generous share award.

Although Mr Cook's salary and bonus came in at $8.75 million (£7.1 million), below 2015's $10.3 million (£8.3 million), a large tranche of his stock options worth $136 million (£110 million) vested.

It represents the biggest share payout Mr Cook has received from the scheme.

Other top bosses at the tech giant saw their compensation cut after the iPhone maker's net sales and operating income came in at $215.6 billion (£174 billion) and $60 billion (£48 billion) respectively, both below targets.

"These two financial measures are used to evaluate executive performance under our annual cash incentive programme. For 2016, these measures declined from our record-breaking 2015 levels, and were below the target performance goals set by the Compensation Committee.

"The annual cash incentives paid to our named executive officers for 2016 reflected these results with below-target payouts," Apple said in a regulatory statement.

Sales at Apple fell 7.7% last year, with the firm saying it sold 45.5 million iPhones in the fourth quarter, down 5%.

World news

Today's horoscope


See a different horoscope: