Tim Cook’s Compensation Surges in 2024
In its latest annual proxy statement, Apple disclosed that CEO Tim Cook’s compensation reached an impressive $74.6 million in 2024, a notable increase from the $63.2 million he earned the previous year.
A Breakdown of Earnings
Cook’s financial package for this year comprised a base salary of $3 million; stock awards totaling $58 million; performance-based incentives amounting to $12 million; and additional benefits worth approximately $1.5 million. The latter category includes contributions to his retirement plan, life insurance costs, vacation payouts, personal security expenses, as well as flying on private jets for both business and leisure trips—an arrangement mandated by Apple.
Compensation Goals and Incentives
Apple had initially set a target compensation figure of $59 million for Cook. However, his overall earnings exceeded this benchmark due to cash bonuses linked to the company’s performance metrics.
A Comparison with Previous Years’ Earnings
This year’s earnings reflect an uptick compared to what Cook received in 2023 but are down from his staggering income of nearly $99 million earned in the prior year. Following last year’s substantial payout close to eight figures, both Cook and Apple’s Board decided it was prudent to scale back his total remuneration.
Earnings of Other Executive Team Members
The financial rewards weren’t limited to just Tim Cook; other key figures at Apple also shared in substantial earnings. Executives such as Luca Maestri (CFO), Kate Adams (General Counsel), Deirdre O’Brien (SVP Retail + People), and Jeff Williams (COO) collectively earned around $27.2 million this past fiscal year.
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