Apple Inc. (AAPL, Financial) has announced an 18% increase in CEO Tim Cook's compensation for 2024, bringing his total pay to $74.6 million. This pay package includes a base salary of $3 million, stock awards worth $58.1 million, and additional compensation of approximately $13.5 million. The increase is primarily driven by the rise in stock award value.
In the past year, Apple's stock has surged nearly 30%, maintaining its position as the top company by market capitalization in the U.S. at nearly $3.6 trillion. Despite Cook's pay hike, it remains significantly lower than his 2021 compensation, which reached nearly $100 million, largely due to stock awards. Following opposition from employees and shareholders, his pay was adjusted downwards the following year.
Other top executives at Apple, including the retail chief, former CFO, COO, and general counsel, are set to earn over $27 million in 2024, marking a slight increase from the previous year. Shareholders will have the opportunity to express their opinions on executive compensation at the upcoming shareholder meeting, although their vote is non-binding.
In 2023, Cook ranked sixth among the highest-paid CEOs globally, with a compensation of $63.2 million, while Broadcom CEO Hock Tan led the list with $160 million. Despite Cook's long tenure as CEO, Apple has yet to introduce a groundbreaking product to rival the iPhone's success, although the company is heavily investing in artificial intelligence, which Cook believes will offer transformative opportunities for users.
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