Apple Inc. has revealed that its Chief Executive Officer, Tim Cook, received an 18% increase in total compensation for 2024. The announcement comes just a month before the tech giant’s annual meeting, scheduled for February 25. This development was disclosed in Apple’s annual proxy filing released on Friday.
According to the report, Tim Cook’s total pay rose from $63.2 million (₹544 crore) in 2023 to $74.6 million (₹643 crore) in 2024. His compensation package includes:
Base Salary: $3 million
Stock Awards: $58.1 million
Additional Compensation: Approximately $13.5 million
The increase in Cook’s earnings is attributed primarily to the rise in the value of stock awards. Although this marks a notable improvement from the previous year, it is still below the $100 million total compensation Cook received in 2022, which was driven by surging stock prices.
In 2023, Tim Cook voluntarily opted for a pay cut following criticism from stakeholders and employees. This decision was made to align with concerns about executive compensation amid company performance and market conditions.
For 2025, Apple’s board of directors has stated that there will be “no changes to the amount or structure of Mr. Cook’s total target compensation.”
In addition to Cook, Apple’s top executives, including the retail chief, chief operating officer, and general counsel, also saw increased compensation. Each earned over $27 million in 2024, reflecting slight increments compared to the previous year. The former Chief Financial Officer, Luca Maestri, was replaced by Kevan Parekh recently.
Apple’s annual meeting on February 25 will see investors voting on executive compensation and addressing four outside proposals. Notably, the company has opposed a shareholder proposal to end its diversity, equity, and inclusion (DEI) programme.
The company stated that abolishing the DEI initiative could lead to potential discrimination against employees and legal risks, emphasizing that the proposal could restrict its business operations. Apple maintains that its existing measures comply with regulatory and legal requirements.
Tim Cook’s 18% pay hike in 2024 underscores Apple’s continued recognition of its CEO’s contributions amid a dynamic tech landscape. While the increase reflects rising stock award values, it also highlights the company’s commitment to retaining top talent amidst evolving market challenges. Apple’s annual meeting on February 25 is expected to bring critical discussions, including executive compensation and the debated DEI programme.
The company’s decision to oppose the shareholder proposal to abolish its diversity initiatives signals its focus on fostering inclusivity while addressing potential legal and operational risks. With other top executives also witnessing salary increments and leadership changes, Apple is clearly positioning itself for sustained growth and innovation.
As one of the world’s most valuable companies, Apple continues to navigate complex decisions that balance stakeholder interests, regulatory compliance, and its vision for a progressive and equitable workplace. The upcoming annual meeting will likely set the tone for its strategic priorities in 2024.