SOURCE : NEW18 NEWS
Last Updated:January 11, 2025, 14:16 IST
In 2024, the compensation of Tim Cook was $74.6 million (Rs 643 crore) in comparison to $63.2 million (Rs 544 Crore) the year before
Apple CEO Tim Cook’s compensation was $74.6 million (Rs 643 crore) in 2024 after receiving an 18% hike. (Photo Credits: LinkedIn)
A month before its annual meeting, Apple Inc. announced that its Chief Executive Officer Tim Cook’s compensation saw an 18% increase in 2024.
The company added that it does not support a shareholder measure and that the diversity programme of the company should end.
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The salary of Tim Cook increased to $74.6 million (Rs 643 crore) in 2024 from $63.2 million (Rs 544 crore) in 2023, said Apple in its annual proxy filing on Friday.
The pay structure of Time Cook has a $3 million base salary, $58.1 million in stock awards, and around $13.5 million as additional compensation. The increase is a result of a rise in stock award value.
There has been a significant increase in their salary of Cook from last year, however, it is far from his total compensation in 2022 which had become almost $100 million because of stock prices.
In 2023, Cook decided to take a pay cut after facing a pushback from stakeholders and employees.
The company’s board of directors said it “made no changes to the amount or structure of Mr Cook’s 2025 total target compensation.”
Apple Gears Up For Annual Meeting On Feb 25
The annual meeting will be held on February 25 in which investors will vote on executive compensation and four outside proposals, which have been opposed by the company.
The company has been considering abolishing the programme in the wake of Apple’s diversity, equity and inclusion, or DEI, efforts fearing that the former can discriminate against employees and lead to lawsuits.
Apple has called the proposal an inappropriate attempt aimed at restricting the business operations of the company. They have said it already has a lot of regulatory and legal risks.
In 2024, Apple’s other executives like the retail chief, chief operating officer, former chief financial officer, and general counsel, earned more than $27 million, reflecting a slight increase in pay from the last year.
The former CFO of Apple Luca Maestri was replaced by Kevan Parekh recently.
- Location :
California, USA
