Tech giant Apple Inc. has increased its Chief Executive Officer (CEO) Tim Cook's salary by 18%, reports said.
In its annual proxy filing on January 10, Apple disclosed that Cook’s total compensation for 2024 rose to $74.6 million (Rs 643 crore), up from $63.2 million (Rs 544 crore) in 2023. It cited the raise largely to an increase in stock award value.
The decision comes ahead of the company's Annual General Meeting (AGM) on February 25, 2025. Investors are set to vote on four outside proposals at the meeting including Cook's salary, according to a Bloomberg report.
A breakdown of Cook’s pay in 2024 showed that it comprised of: Base salary of $3 million, stock awards worth $58.1 million, and additional compensation of around $13.5 million.
While a hefty hike from 2023, this is still lower than Cook’s 2022 salary of close to $100 million — which skyrocketed due to the stock awards in his compensation package, as per the report. He offered to take a pay cut in 2023 after pushback from employees and shareholders.
Apple has however opposed all of the other proposals, the report noted. Among the proposals blocked include a shareholders' proposal to end the company's diversity, equity and inclusion (DEI) program, it added.