The basic salary received by the CEO of Apple, Tim Cook, amounts to 3 million. dollars for 2024 and it is the third year in a row that the “big boss” of the company receives this amount of money. However, the top executive also earned bonuses and other compensation that brought his total pay to about $74.6 million last year. For Cook, this represents an 18% increase over the previous year. He was first chosen by Apple co-founder Steve Jobs to take over as CEO in 2009, after Jobs felt debilitated by his terminal illness. Jobs at the time only returned to hand over the reins to Cook shortly before succumbing to pancreatic cancer in October 2011.
Additional income paid to Cook included $58.1 million in stock awards, $12 million in non-equity incentive plan compensation and $1.5 million in compensation. Apple decided to give Cook an increase in the target value of his stock award to $50 million from $40 million because, at the lower amount, Cook’s pay would have put him closer to other CEOs in Cook’s peer group .
Last year Apple introduced the Vision Pro and despite its big hype, the high starting price of $3,499 limited the device’s appeal. 2024 also saw Apple unveil its AI initiative, Apple Intelligence. However, Apple is pushing this service on an incremental basis, and the AI capabilities that the tech giant has released so far have been lackluster compared to some of the AI capabilities offered by Samsung and Google.
For the full fiscal year 2024, Apple took in just under $295 billion which was a slight drop from the top line of fiscal 2023. Apple’s net income also fell from $97 billion in fiscal 2023 to $93.74 billion last fiscal year. Under Cook’s leadership, Apple reported a slight increase in fiscal 2024 iPhone sales, which rose 0.2 percent to $201.18 billion. The company’s stock did rise during the year from $191.59 to close 2024 at $250.42. The 31% gain slightly outpaced the Nasdaq 100.
In addition to Cook’s reported 2024 pay, three other Apple executives each received the same compensation. Former CFO Luca Maestri, who left the company on New Year’s Day, Deirdre O’Brien, who runs the company’s retail stores and head of Human Resources, and general counsel Kate Adams each earned $27,179,257 last year. Jeff Williams, Apple’s Chief Operating Officer, received a slightly smaller compensation package totaling $27,177,812.
Source: myphone.gr
