New Delhi: Apple Inc. has increased CEO Tim Cook’s compensation package by 18 per cent to 74.6 million dollars in 2024. The boost is largely due to a rise in the value of his stock award, as reported by Bloomberg. This decision comes ahead of the company’s Annual General Meeting (AGM) on February 25, 2025, where investors will vote on four external proposals, including Cook’s salary.
Apple, in a January 10 proxy filing revealed that Tim Cook’s compensation for 2024 increased to 74 million dollars up from 63.2 million dollars in 2023. The raise is primarily due to a higher value of his stock awards. Cook’s pay package includes a 3 million dollars base salary, 58.1 million dollars in stock awards, and about 13.5 million dollars in additional compensation. The increase reflects the boost in the value of his stock awards.
Although Tim Cook’s pay has risen significantly from last year, it’s still much lower than his total compensation in 2022, which nearly reached 100 million dollars due to stock awards. In 2023, Cook voluntarily reduced his pay following feedback from employees and shareholders. Apple’s board of directors stated that it “made no changes to the amount or structure of Mr. Cook’s 2025 total target compensation.”
Other top executives at Apple, including the retail chief, former CFO, COO, and general counsel, each earned over 27 million dollars in 2024. This marked slight increases from the previous year. Luca Maestri, the former CFO, was recently replaced by Kevan Parekh.
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