Despite slowing iPhone sales and a decline in Apple's share of the smartphone market through 2024. However, the salary package Tim Cook It was not affected, but rather increased compared to the previous year. In this article, we will learn about Tim Cook's salary, in addition to the pay structure of the CEO of the largest company in the world in terms of market value.
Tim Cook salary
Apple announced in its annual report that its CEO Tim Cook has increased his total compensation by 18% to $74.6 million in 2024, up from $63.2 million in 2023.
Tim Cook's salary package for the year consists of the following:
- $3 million base salary
- $58 million in stock awards
- $12 million performance bonus
- $1.5 million other compensation (life insurance, vacation, security and travel expenses)
Apple CEO's wealth
Apple had set a target compensation for Tim Cook of $59 million, but the CEO got more thanks to cash incentives that executives receive when the iPhone maker performs well.
Although Cook's compensation in 2024 exceeded what he earned in 2023, it is still less than the $99 million he earned in 2022. Cook and the board chose to reduce total compensation after his earnings in 2022 reached nearly $100 million.
Tim Cook is said to have joined the billionaire club in 2020, with an estimated net worth of $2.3 billion. Most of that value comes from his more than 3 million Apple shares, which represents a stake of less than 1% in the company.
As for Apple's other executives, including Luca Maestri, Kate Adams, Deirdre O'Brien and Jeff Williams, they each received $27.2 million after the company's strong performance over the past year.
Finally, Apple is the world’s most valuable company with a market cap of $3.58 trillion. However, its CEO Tim Cook is not the highest paid, coming in fifth place compared to other CEOs. John Winkelried, CEO of alternative asset management firm TPG, received $198.7 million. Broadcom CEO Hock-Eee Tan received a compensation package worth $161 million. David Zaslav, CEO of Warner Bros., was paid $146.6 million, followed by Andrew Witty, CEO of UnitedHealth Group, with a total compensation of $142 million.
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