Apple CEO Tim Cook’s salary increased by 18%, he now earns… | economy news

New Delhi: Apple Inc. has increased CEO Tim Cook’s compensation package by 18 percent, to $74.6 million in 2024. The increase is largely due to the rise in the value of its shares, as Bloomberg reported. This decision comes ahead of the company’s Annual General Meeting (AGM) on February 25, 2025, where investors will vote on four external proposals, including Cook’s salary.

Tim Cook’s salary increase

Apple, in a Jan. 10 proxy filing, revealed that Tim Cook’s compensation for 2024 increased to $74 million from $63.2 million in 2023. The increase is primarily due to a higher value of his awards. actions. Cook’s salary package includes a base salary of $3 million, $58.1 million in stock awards and about $13.5 million in additional compensation. The increase reflects the increase in the value of its stock awards.

Although Tim Cook’s salary has increased significantly from last year, it is still far below his total compensation in 2022, which almost reached $100 million due to stock awards. In 2023, Cook voluntarily reduced his salary following feedback from employees and shareholders. Apple’s board of directors stated that it “made no changes to the amount or structure of Mr. Cook’s total target compensation for 2025.”

Other top Apple executives, including the head of retail sales, the former chief financial officer, chief operating officer and general counsel, each earned more than $27 million in 2024. This marked slight increases from the previous year. Luca Maestri, the former CFO, was recently replaced by Kevan Parekh.