Apple Inc. announced an 18% increase in compensation for CEO Tim Cook, which now totals $74.6 million for 2024, up from $63.2 million the previous year.
Apple is preparing for its annual proxy filing before next month’s meeting on February 25. At that meeting, shareholders will consider four external proposals, all of which Apple has opposed.
Among the contested measures is a shareholder proposal urging Apple to discontinue its diversity, equity, and inclusion (DEI) program. The proposal argues that the program could potentially discriminate against employees and lead to lawsuits. Apple countered that the proposal would inappropriately limit its business operations and noted its existing protocols for assessing legal and regulatory risks.
Apple CEO Tim Cook earned $74.6 million in 2024 💰
That is up from the $63.2 million he earned in 2023 pic.twitter.com/7ez3mMnMCf
— Apple Hub (@theapplehub) January 10, 2025Cook’s elevated compensation package includes a $3 million base salary, $58.1 million in stock awards, and approximately $13.5 million in additional compensation, primarily due to a rise in stock awards.
Despite the increase, Cook’s current pay is still significantly less than in 2022, when his compensation neared $100 million, primarily from stock awards. Following feedback from employees and shareholders, Cook voluntarily reduced his pay in 2023.
Apple $AAPL CEO Tim Cook received total compensation of $74.6M in 2024 up 18% YoY
2022 Total Comp: $99.4M
2023 Total Comp: $63.2M
2024 Total Comp: $74.6M pic.twitter.com/EUX3H3wv8f
— Evan (@StockMKTNewz) January 10, 2025The Apple board of directors has decided to maintain Cook’s total target compensation for 2025 at the current amount and structure.
In 2024, other leading Apple executives, such as the retail chief, former CFO, COO, and general counsel, received over $27 million, which was a minor increase from the prior year. Recently, Kevan Parekh succeeded Luca Maestri as CFO.
