$1.5 million is not a joking stuff, but that is what Tim Cook gets for missing performance targets.
The company said its annual sales were down by nearly 4%, or $215.6 billion, from its target of $223.6 billion, and its operating income was down 0.5 percent from its target at $60 billion. As a result, Cook will lose out on about $1.5 million, dropping his annual salary from $10.28 million in 2015 to $8.75 million in 2016. Other top executives were also affected.
For Tim Cook, the loss of money might not mean so much because he has netted $100 million in stock bonuses for serving five years as the head of the company. He also liquidated a large chunk of his shares in Apple stock which netted him approximately $65 million.