Tech giant Apple Inc. has increased its Chief Executive Officer (CEO) Tim Cook's salary by 18 per cent, according to exchange filling of smartphone giant.
In its annual proxy filing on January 10, Apple disclosed that Cook’s total compensation for 2024 rose to USD 74.6 million (Rs 643 crore), up from USD 63.2 million (Rs 544 crore) in 2023. It cited the raise largely to an increase in stock award value.
The decision was made prior to the February 25, 2025, Annual General Meeting (AGM) of the company. Cook's pay is one of four external proposals that investors will vote on during the meeting, according to a Bloomberg report.
Salary breakup of Tim cook's salary
A base salary of USD 3 million, stock awards of USD 58 million, performance-based bonuses of USD 12 million, and other benefits totaling USD 1.5 million are all part of the compensation package.
Security costs, private jet travel, 401(k) contributions, life insurance premiums, and vacation cash-outs are all covered by the extra pay.
iPhone 14 Pro and Pro Max | Photo: Representative Image
Comparison to previous years compensation
Although a significant increase over 2023, this still falls short of Cook's nearly USD 100 million 2022 salary, which soared as a result of the stock awards in his compensation package, according to the report. He made a 2023 pay cut offer in response to criticism from shareholders and staff.
However, according to the report, Apple has resisted every other proposal. It further stated that a proposal from shareholders to terminate the company's diversity, equity, and inclusion (DEI) program is one of the proposals that have been blocked.
No change in 2025 compensation
The document disclosed that, in light of Cook's 'continued exceptional performance' as CEO, Apple's board has not altered Cook's 2025 compensation plan. Citing efficiency and security concerns due to his prominent position, the company mandates that Cook travel exclusively in private aircraft for both business and personal purposes.
General counsel Kate Adams, chief operating officer Jeff Williams, retail chief Deirdre O'Brien, and former CFO Lucia Maestri all made about $27.2 million in 2024, which represents a slight increase over the previous year.
