2024: Apple CEO Tim Cook receives 18% pay hike

Apple Inc. has announced an 18% pay increase for its CEO, Tim Cook, ahead of the company’s annual shareholder meeting scheduled for 25 February.

According to Apple’s annual proxy filing released on Friday, Cook’s compensation for 2024 rose to $74.6 million from $63.2 million in 2023, driven primarily by an increase in the value of his stock awards.

The 2024 package included a $3 million base salary, $58.1 million in stock awards, and approximately $13.5 million in other compensation.

Despite this increase, Cook’s pay remains lower than the $100 million he earned in 2022, a figure largely influenced by significant stock grants. Cook had voluntarily reduced his pay in 2023 following shareholder and employee criticism.

Apple’s board confirmed that Cook’s total target compensation for 2025 will remain unchanged, maintaining the same structure and amount.

Meanwhile, other senior executives at Apple, including the retail chief, former CFO, COO, and general counsel, earned over $27 million each in 2024, reflecting modest increases compared to the previous year.

In addition to discussing executive compensation, shareholders will vote on four external proposals during the February meeting. One contentious proposal seeks to abolish Apple’s Diversity, Equity, and Inclusion (DEI) programme, arguing that such initiatives could lead to discrimination and legal risks.

Apple has opposed the measure, stating that it unnecessarily interferes with its operations and that the company already assesses legal risks tied to its DEI efforts.

Reaffirming its stance, Apple emphasised its commitment to fostering an inclusive workplace and maintaining compliance with regulatory and legal standards.

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