While Apple CEO Tim Cook obtained a $3 million base wage in 2024 for the third consecutive year, the chief additionally earned bonuses and different compensation that took his whole pay to about $74.6 million final year. For Cook, that represents an 18% enhance from the earlier year. First handpicked by Apple co-founder Steve Jobs to take over as CEO in 2009 after Jobs felt too unwell to run the corporate. Jobs returned solely to show the job again over to Cook simply earlier than he succumbed to pancreatic most cancers in October 2011.
The extra earnings paid to Cook included $58.1 million in inventory awards, $12 million in non-equity incentive plan pay, and $1.5 million in unnamed compensation. Apple determined to present Cook a rise within the goal worth of his fairness award to $50 million from $40 million as a result of, on the decrease determine, Cook’s pay would have put him nearer to the underside in contrast with different CEOs in Cook’s peer group.
Last year noticed Apple introduce the Vision Pro spatial pc. Despite the hype, the excessive beginning value of $3,499 restricted the attraction of the gadget. 2024 additionally noticed Apple introduce its AI initiative, Apple Intelligence. However, Apple is pushing this out on a staggered foundation and the AI options that the tech large has launched to date have been underwhelming in comparison with a number of the AI options provided by Samsung and Google.
For all of fiscal 2024, Apple took in slightly below $295 billion which was a slight decline from fiscal 2023’s prime line. Apple’s internet income additionally dropped from $97 billion in fiscal 2023 to $93.74 billion final fiscal year. Under Cook’s management, Apple did report a small enhance in fiscal 2024 iPhone gross sales which rose .2% to $201.18 billion. The firm’s inventory did rise over the year from $191.59 to shut 2024 at $250.42. The 31% enhance barely outperformed the Nasdaq 100.
Besides reporting Cook’s pay for 2024, three different Apple executives every obtained the identical compensation. Former CFO Luca Maestri, who left the corporate on New Year’s Day, Deirdre O’Brien, who runs the corporate’s retail shops and heads up Human Resources, and General Counsel Kate Adams every earned $27,179,257 final year. Jeff Williams, Apple’s Chief Operating Officer, was given a barely smaller compensation package deal totaling $27,177,812.