Apple: Tim Cook's pay went up almost 20% in 2024
What's the story
Apple has disclosed an 18% pay hike for its CEO Tim Cook. The increase, mostly due to higher stock awards, took his total earnings to $74.6 million in 2024.
The information was revealed ahead of the company's annual meeting next month. The hike marks a major increase from his pay of $63.2 million back in 2023.
Compensation details
Cook's compensation breakdown and comparison to past earnings
Cook's higher pay package consists of a base salary of $3 million, stock awards worth $58.1 million, and other compensation of about $13.5 million.
Despite the huge jump from 2023, Cook's current pay still remains lower than his total compensation in 2022, which was nearly $100 million due to stock awards.
Shareholder proposals
Apple's stance on shareholder proposals and diversity program
At the upcoming annual meeting on February 25, investors will vote on four external proposals. However, Apple has opposed all of them.
One such proposal seeks an end to the company's diversity, equity and inclusion (DEI) efforts over potential discrimination against employees and possible lawsuits.
The tech giant dismissed the proposal as an inappropriate attempt to limit its business operations, claiming it already assesses legal and regulatory risks.
Executive earnings
Other Apple executives also see pay increases
Apart from Cook, other top Apple executives also witnessed an increase in their earnings in 2024.
The retail chief, former CFO, COO and general counsel all earned more than $27 million last year, a slight increase from their 2023 earnings.
Luca Maestri, the ex-CFO who was recently replaced by Kevan Parekh, is also part of this high-earning club within the company.