Apple CEO Tim Cook Annual Pay Falls 14.9 Percent to $8.7 Million

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Apple CEO Tim Cook

Eddy Cue, the executive overseeing iTunes and Apple Music, was paid $22.8 million.

Apple CEO Tim Cook received $8.75 million in compensation during the latest fiscal year, down 14.9 percent from the $10.28 million he received in 2015

Cook's pay package includes a base salary of $3.0 million, up from $2.0 million, along with $5.37 million in non-equity incentive pay, down from $8.0 million. It also includes $377,719 in other compensation, according to a regulatory filing.

Apple's stock was flat during its fiscal year, which ended Sept. 24. The stock performance comes as Apple is seeing changes to its product business while its services business grows. The tech giant earlier this year reported its first sales declines in 13 years. 

Eddy Cue, Apple's senior vp internet software and services, was paid $22.8 million during the latest fiscal year. As the executive who, along with Beats' Jimmy Iovine, works most closely with Hollywood, he is responsible for Apple's growing content business, one that is becoming increasingly important in 2016 as iPhone sales slowed. 

Last year, Cue was one of five Apple senior vice presidents paid more than $25 million each. 

Apple, which continues to operate profitably, is expecting iPhone sales to rebound during the holiday quarter due to strong demand for its latest model, the iPhone 7.