Apple Inc. has increased Timothy D. Cook’s compensation by 18 percent to 74.6 million Dollars in 2024. Which remuneration grew, primarily because of the price of his stock award, as Bloomberg reports. This decision comes ahead of the company’s Annual General Meeting (AGM) scheduled for February 25 2025 where shareholders are set to vote on four external proposals including Cook’s salary.

Tim Cook’s Salary Raise

In a January 10 proxy filing, Apple revealed that Cook’s Salary in 2024 stands at 74 million dollars while it was 63.2 million dollars during the 2023 fiscal year. The raise is mostly associated with a higher price of his stock awards. Cook’s pay package comprises 3 million dollars in base salary, stock awards in the amount of 58.1 million dollars and about 13.5 million dollars in other compensation. It would explain the decrease in the amount of Cook’s remuneration, on the contrary, to the increase of his stock awards.

Cook’s basic salary grew from the past year although it is still very low in comparison to the total income of Tim Cook past year which was almost a hundred million dollars because of the stock awards. For the year 2023, Cook decreased his wage on a voluntary basis due to concerns raised by employees and shareholders. The apple directors stated that they were in the process of doing promises owing to recall in which they stated, “The Company’s plans to pay Mr. Cook a total target compensation of 2025 never changed or were adjusted in regard to target remits.”

For the year 2024, Apple’s retail executive received a heads up after the general meetings where other directors ‘remuneration’ package was going to affect their income for that year and above that it was claimed that the then appointees were still going to receive almost thirty million dollars. Prior to this Kevan Parekh had been nominated to replace Maestri the recently appointed chief financial officer.