Apple Inc. has announced an 18% increase in the compensation of its CEO, Tim Cook, raising his total pay to $74.6 million for the fiscal year 2024.
This significant pay rise is largely attributed to an increase in stock awards.
Tim Cook’s total compensation package for the year includes a $3 million base salary, $58.1 million in stock awards, and roughly $13.5 million in additional compensation.
This pay increase marks a notable rise from Tim’s previous year’s compensation, which stood at $63.2 million.
While still lower than his 2022 pay package of nearly $100 million, driven by substantial stock awards, the current increase reflects Apple’s confidence in Tim’s leadership.
The company’s board of directors confirmed that there have been no changes to the structure or amount of Tim’s total target compensation for 2025.
Upcoming Annual General Meeting at Apple Inc.
Apple’s Annual General Meeting (AGM), scheduled for February 25, 2025, will see investors voting on various proposals, including the ratification of Tim’s salary.
One significant proposal on the agenda is a shareholder’s suggestion to end Apple’s diversity, equity, and inclusion (DEI) program.
Apple has strongly opposed this measure, arguing that the company already has robust mechanisms in place to manage legal and regulatory risks associated with DEI initiatives.
The timing of Tim’s pay raise announcement is noteworthy, especially as several US companies, such as Harley Davidson, McDonald’s, Meta, and Walmart, have been scaling back or eliminating their DEI programs.
Despite this trend, Apple remains committed to its diversity initiatives, a stance that has garnered both support and criticism from various quarters.
Compensation of Other Executives
In addition to Tim’s increased compensation, other top executives at Apple also saw modest raises.
Executives such as the retail chief, former chief financial officer, chief operating officer, and general counsel received over $27 million each in 2024.
These compensation packages represent slight increases from their previous earnings, reflecting Apple’s strategy to retain top talent by rewarding their contributions.
Apple’s firm stance against the proposal to end its DEI program underscores its commitment to fostering an inclusive workplace.
This move is part of the company’s broader strategy to enhance employee engagement and support underrepresented groups within the organization.
The decision to maintain these initiatives, despite growing pressure from some stakeholders, highlights Apple’s dedication to its core values.
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