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

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 $8.85m in 2016, including salary and bonuses, which was down 15% from $10.3m in 2015 and also down on 2014’s $9.2m.

Other Apple executives also had their pay decreased, although only by an average of 9.6%. 

Apple said in its filing: “Our 2016 performance with respect to net sales and operating income was 7.7% and 15.7% below our record-breaking 2015 levels; however, the 2016 payouts to our named executive officers were significantly less than the annual cash incentive payouts for 2015, reflecting strong pay-for-performance alignment.”