Tech giant Apple (AAPL) has announced an 18% increase in CEO Tim Cook’s total salary for 2024, raising it to $74.6 million from $63.2 million in the previous year. While Cook’s base salary remained unchanged at $3 million, he received $58 million in stock awards, a significant increase from 2023. His total compensation also included $12 million in non-equity incentives and $1.52 million in other benefits.
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Other top Apple executives, including Head of Corporate Services Luca Maestri, General Counsel Katherine Adams, and Senior Vice President Deirdre O’Brien, received slightly increased compensation packages of $27.18 million. Chief Operating Officer Jeffery E. Williams also earned $27.18 million.
Apple’s strong financial performance, including a record $24.97 billion in services revenue during Q4, supported these pay increases. iPhone sales also remained a key revenue driver, with diluted earnings per share rising 12% year-over-year to $0.97.
Cook’s Pay Rebounds Slightly After 2023 Cut
Despite the significant raise, Cook’s pay is still lower than his nearly $100 million package in 2022, which was driven by a substantially high stock award. The CEO had voluntarily taken a pay cut in 2023 after facing criticism from employees and shareholders.
However, Apple’s compensation committee raised Cook’s equity award target value to $50 million from $40 million, noting that his pay was relatively low compared to CEOs of peer companies.
Cook’s Salary Rises Ahead of Shareholder Meeting
This pay raise comes as Apple prepares for its annual shareholder meeting on February 25. At this meeting, shareholders are expected to vote on four key proposals.
One key proposal includes ending Apple’s diversity, equity, and inclusion (DEI) program. However, Apple opposes this idea, stating that the program is essential for maintaining a diverse and inclusive workplace. The company also warns that ending it could create legal and regulatory risks.
What Is the Price Target for AAPL?
Turning to Wall Street, AAPL has a Moderate Buy consensus rating based on 19 Buys, seven Holds, and three Sells assigned in the last three months. At $244.77, the average Apple price target implies a 3.34% upside potential. Shares of the company have gained about 29.6% over the past year.
