[ad_1] Additional income paid to Cook included $58.1 million from stock awards, $12 million from non-stock incentive plan payments, and $1.5 million in unnamed 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 number, Cook's pay would have put him closer to the bottom compared to other CEOs in Cook's peer group.
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Despite a less than fabulous year for Apple, Tim Cook gets a pay hike
while CEO of Apple Tim Cook earned a base salary of $3 million in 2024 for the third year in a row, and the CEO also received bonuses and other compensation that brought his total salary to about $74.6 million last year. For Cook, that 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 too ill to run the company. Jobs returned only to hand the job back to Cook before he succumbed to pancreatic cancer in October 2011.
Last year saw Apple introduce the Spatial Computer Vision Pro. Despite the hype, the high starting price of $3,499 has limited the device's appeal. 2024 also saw Apple introduce its AI initiative, Apple intelligence. However, Apple is pushing this on a staggered basis, and the AI ​​features the tech giant has released so far have been disappointing compared to some of the AI ​​features it has been offering. Samsung and Google.
For the full fiscal year 2024, Apple took in just under $295 billion, which is a slight decline from the high end of fiscal 2023. Apple's net profits also fell from $97 billion in fiscal 2023 to $93.74 billion in the year Past financials. Under the leadership of Cook Apple reported a slight increase in iPhone sales for fiscal 2024, which rose 0.2% to $201.18 billion. The company's stock rose over the year from $191.59 to close 2024 at $250.42. The 31% increase slightly outperformed the Nasdaq 100.
In addition to reporting Cook's 2024 pay, three other Apple executives each received the same compensation. Former CFO Luca Maestri, Deirdre O'Brien, who runs the company's retail stores and heads human resources, and general counsel Kate Adams each earned $27,179,257 last year, who left the company on New Year's Day. Jeff Williams, Apple's chief operating officer, received a slightly smaller compensation package totaling $27,177,812.
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| Update | January 11, 2025 |
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