Apple CEO Cook’s total salary set to rise by $10 million for 2024, dependent on shareholder approval
Apple CEO Tim Cook, all the way to the bank
Tim Cook’s total compensation for 2024 is set to increase by $10 million, pending shareholder approval at Apple’s annual meeting next month, according to a new Securities and Exchange Commission filing.
Faizan Farooque for GuruFocus:
Comprising a $3 million basic pay, a $6 million cash incentive program, and a $50 million target equity reward, the proposed package comes at $59 million overall. This shows a $10 million change in the equity component of the package from 2023.
Scheduled for Feb. 25, 2025, the annual meeting will include a vote on Cook’s proposed pay as well as many shareholder resolutions. Important recommendations include a study on ethical artificial intelligence methods, a call to stop efforts toward diversity, equality, and inclusion, and a report on philanthropy
MacDailyNews Take: It’ll get approved.
Obviously, Tim Cook is overpaid. He, like most CEOs (especially non-founders), is paid more to stay and provide continuity than for anything he actually does (missing transformative new technologies like GenAI, blowing billions on EV boondoggles and AR goggledoggles, pumping out iterations of Steve Jobs’ myriad innovations, rolling out new retail store locations, kissing CCP ass, etcetera).
Yes, executive compensation is out of whack. Tim Cook is vastly overpaid for what he does. This is because he holds a rare skillset and it benefits the shareholders to have continuity in the CEO position. Basically, Apple overpays Tim Cook in order to have a long-term CEO which provides confidence to the market. A succession of different CEOs jumping from company to company every other year seeking higher salaries would be a negative and justifies Cook’s overpayment. Cook is paid to stay more than for what he actually does. This is why he has vesting targets set years into the future. If he stays, providing continuity, he benefits and so does the company’s stock price. — MacDailyNews, February 18, 2022
See also: Apple CEO Tim Cook among the most overpaid CEOs, study finds – February 17, 2023
Please help support MacDailyNews — and enjoy subscriber-only articles, comments, chat, and more — by subscribing to our Substack: macdailynews.substack.com. Thank you!
Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.
The post Apple CEO Cook’s total salary set to rise by $10 million for 2024, dependent on shareholder approval appeared first on MacDailyNews.
