Cook’s a little light

Apple cuts CEO’s pay by $1.5M after poor year

Apple Chief Executive Tim Cook got his 2016 pay slashed amid a series of product flops that included a lackluster iPhone launch.

Cook earned $8.75 million in total compensation last year, including a $3 million base salary, according to a Friday filing with the Securities and Exchange Commission.

That’s short of 2015, when Cook earned more than $10 million.

Other top Apple execs including Eddie Cue, who runs internet software and services, and Angela Ah- rendts, Apple’s retail chief, also got pay cuts, according to the f iling.

Still, while top execs’ pay fell an average of nearly 10 percent, Cook’s fell by a full 15 percent, taking the hit for a slew of disappointments that have plagued the company this year.

In addition to the iPhone 7’s lack of a headphone jack, critics have blasted the new MacBook Pro for its short battery life and only semiuseful “touch bar” above the keyboard.

Elsewhere, the Apple Watch has failed to gain traction and the company botched the holiday release of its new wireless “AirPod” headphones.

Originally slated for an October release, the AirPods only became available after Christmas for most customers.

Apple’s full-year sales of $215.6 billion were 3.7 percent below its target of $223.6 billion, and its operating income of $60 billion was 0.5 percent short of the $60.3 billion target.

As a result, company execs got only 89.5 percent of their targeted annual cash incentive, versus 100 percent a year earlier, according to the Friday filing.

The revenue dip was sparked by declining sales of the iPhone. In the fiscal fourth quarter, Apple sold 45.5 million iPhones, down 5 percent from a year earlier.

Recently, a report from Japanese news agency Nikkei said Apple will slash production of the iPhone in the current quarter by 10 percent.