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Apple Inc. has announced an 18% increase in CEO Tim Cook’s compensation for 2024, raising his total earnings to $74.6 million (Rs 643 crore) from $63.2 million (Rs 544 crore) in 2023, according to the company’s annual proxy filing.
Tim Cook’s 2024 pay structure includes:
While the increase marks significant growth from last year, it remains below his 2022 compensation of nearly $100 million, driven by higher stock prices. In 2023, Cook voluntarily took a pay cut following concerns from stakeholders and employees.
The company’s board stated that no changes would be made to Cook’s 2025 total target compensation structure.
Apple’s annual meeting, scheduled for February 25, will include a vote on executive compensation and four shareholder proposals opposed by the company. Among the proposals is a measure to end Apple’s diversity, equity, and inclusion (DEI) programs, which Apple believes could lead to legal risks and discrimination lawsuits.
Apple has argued that the proposal is an overreach into its business operations, emphasizing that its existing DEI efforts align with regulatory and legal standards.
In 2024, other senior executives, including the retail chief, chief operating officer, and general counsel, received pay packages exceeding $27 million, reflecting modest increases from the previous year.
Notably, Apple’s former Chief Financial Officer, Luca Maestri, was recently replaced by Kevan Parekh, signaling a leadership transition within the company.
As the company gears up for its annual meeting, Apple continues to balance shareholder concerns with its strategic goals, including equitable compensation and fostering diversity.
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