Apple Inc. has increased CEO Tim Cook's pay package by 18 percent to $74.6 million in 2024. According to Bloomberg report, this increase is mainly due to the increase in the value of their stock awards. The decision has been taken ahead of the company's annual general meeting (AGM) on February 25, 2025, where investors will vote on four external proposals, including Cook's pay.
Tim Cook's salary increase
Apple revealed in a proxy filing on January 10 that Tim Cook's salary for 2024 has increased from $63.2 million in 2023 to $74 million. This increase is primarily due to the higher value of their stock awards. Cook's pay package includes a base salary of $3 million, stock awards of $58.1 million and additional compensation of approximately $13.5 million. This increase reflects the increase in the value of their stock awards.
Although Tim Cook's pay has increased significantly from last year, it is still far less than his total compensation in 2022, which reached nearly $100 million due to stock awards. In 2023, Cook voluntarily reduced his pay following backlash from employees and shareholders. Apple's board of directors said it “made no changes to the amount or structure of Mr. Cook's 2025 total target compensation.”
Apple's other top executives, including the retail chief, former CFO, COO and general counsel, each made more than $27 million in 2024. This represents a slight increase over the previous year. Former Chief Financial Officer Luca Maestri was recently replaced by Kevan Parekh.
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