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Apple CEO Tim Cook pay rises 18% to $74 million

Apple CEO Tim Cook pay rises 18% to $74 million
Apple rejects shareholder push to end DEI, increases Tim Cook pay

​Apple Inc. announced an 18% pay increase for its Chief Executive Officer Tim Cook, raising his total compensation to $74.6 million in 2024, up from $63.2 million the previous year. 

This adjustment comes as the company prepares for its annual shareholder meeting on February 25, where key issues, including executive compensation and outside proposals, will be discussed, reports Bloomberg.

Cook’s 2024 pay package comprises a $3 million base salary, $58.1 million in stock awards, and approximately $13.5 million in additional compensation. The primary driver of the pay increase was the rise in stock award value. 

However, the compensation remains far below his 2022 total of nearly $100 million, when stock awards played a more significant role. Cook voluntarily took a pay cut in 2023 following criticism from employees and shareholders over his compensation levels.

Apple's board stated it has made no changes to Cook’s 2025 total target compensation, signaling stability in its executive pay structure. Other top executives, including Apple’s retail chief, general counsel, and former chief financial officer Luca Maestri, earned over $27 million each in 2024, reflecting slight increases compared to prior years.

Shareholder proposals and DEI controversy

At the upcoming meeting, shareholders will vote on four external proposals, all of which Apple has opposed. One contentious measure targets the company’s diversity, equity, and inclusion (DEI) program, urging Apple to abolish it on the grounds of potential employee discrimination and legal risks. 

Apple rejected the proposal, arguing that it improperly seeks to limit its business operations and that the company already evaluates regulatory and legal challenges related to DEI initiatives.

Cook’s pay raise and Apple’s stance on shareholder proposals reflect its focus on maintaining a competitive executive pay structure and commitment to DEI efforts, even amidst external criticism. Investors will closely watch the February 25 meeting for insights into the company’s priorities and responses to shareholder concerns.

​Additionally, Indian authorities have ensured that the mobile apps of some cryptocurrency exchanges have disappeared from the Apple App Store India after the Financial Intelligence Unit (FIU) said they were not operating in accordance with local regulations. 

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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