Apple CEO Tim Cook’s total compensation rose 18% to $74.6 million last year

Briefly: Tim Cook’s $3 million base salary didn’t increase last year, but don’t feel bad for the quiet Apple boss: His total pay actually rose 18% to $74.6 million. Although Cook controls the world’s largest company by market capitalization, he is far from the world’s highest paid CEO.

In an official statement released Friday, Apple said Cook’s base salary of $3 million remains unchanged for the third year in a row in 2024. compensation, bringing the total to $74.6 million.

Apple wrote that the value of Cook’s equity compensation was increased from $40 million to $50 million because his 2023 salary would have been close to the lower end of peer CEO pay benchmarks.

Cook received total pay of $63.2 million in FY 2023 and $99.4 million in FY 2022. Salary reduction by 40% last year, in part as a result of his own recommendation that his compensation be cut.

Apple is the world’s most valuable company with a market capitalization of $3.58 trillion, but Cook would need to more than double his salary to become the highest-paid CEO. John Winkelried, CEO of alternative asset manager TPG, received a payout of $198.7 million, and Hock E. Tan, president and CEO of Broadcom, received compensation of $161 million.

Apple’s fiscal 2024 annual revenue rose 2% to $391 billion, although its net income of $93.7 billion fell 3%. Services revenue was a particularly bright spot, reaching a record $96.1 billion, up from $85.2 billion in fiscal 2023, while iPhone sales rose 2% to $201.18 billion.

Apple’s SEC filings also show that former CFO Luca Maestri received a total pay package of $27.1 million for fiscal year 2024, the same amount as general counsel Kate Adams and Deidre O’Brien. Apple’s senior vice president of retail and human resources. Meanwhile, Chief Operating Officer Jeff Williams saw his 2024 pay package increase slightly to $27.1 million, up from $26.9 million a year earlier.

Prepare became a billionaire in 2020 and is now valued at approximately $2.3 billion. Most of that value comes from his stake in Apple, where he owns more than 3 million shares, representing less than 1% of the company. When he took over in 2011, Apple’s market capitalization was $348 billion.