Tim Cook's bonus pay is cut as Apple misses sales targets

CEO sees payout reduced by 15% as sales and revenue targets slip, although he still netted $135m in shares in 2016

Apple's chief executive, Tim Cook, had his annual payout reduced last year after the company failed to reach its 2016 targets.

According to Apple's SEC filings, the company's annual sales missed its target of $223.6bn (181.6bn) by 3.7%, reaching only $215.6bn, while operating income came up 0.5% short at $60bn. As a result, Cook received a total payout of $8.75m in 2016, including salary and bonuses, which was down 15% from $10.3m in 2015 and also down on 2014's $9.2m.