Apple cut Tim Cook’s total pay 15 percent last year as it missed its sales and earnings goals

Apple CEO Tim Cook saw his overall pay drop last year as the iPhone maker fell short of its goals with regard to both sales and profits.

Cook received $8.7 million in total pay, compared to nearly $10.3 million the prior year, according to documents filed Friday with the Securities and Exchange Commission.

“Apple was below its target performance goals for both net sales and operating income, resulting in a payout of each named executive officer’s annual cash incentive at 89.5 percent of target,” Apple said in its annual proxy statement.

Cook’s base salary increased from $2 million to $3 million, while his bonus dropped.

For the fiscal year, Apple earned $45.7 billion on $215.6 billion in revenue, compared with earnings of $53.4 billion on $233.7 billion in revenue in the prior year.

Nonetheless, the top six employees listed in the proxy took home more than $100 million in collective pay. That group is made up of Cook, CFO Luca Maestri, retail chief Angela Ahrendts, iTunes and services head Eddy Cue, top lawyer Bruce Sewell and hardware engineering lead Dan Riccio.

This article originally appeared on Recode.net.

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