Apple CEO Tim Cook saw his total compensation increase to $74.6 million in fiscal year 2024, up from $63.2 million in 2023, according to Apple's annual regulatory filing with the Securities and Exchange Commission.
The compensation package breakdown includes:
- $3 million base salary
- $58 million in stock awards
- $12 million in performance-based incentives
- $1.5 million in additional benefits
The additional benefits covered Cook's 401(k) contributions, life insurance premiums, vacation cash-out, security expenses, and mandatory private air travel. Apple requires Cook to use private aircraft for both business and personal travel as part of company policy.
While Cook's 2024 earnings exceeded the company's target compensation of $59 million due to strong performance incentives, it remained below his 2022 compensation of $99 million. Cook and Apple's Board of Directors had previously agreed to reduce his total compensation after his earnings approached $100 million in 2022.
The filing also revealed compensation details for other top Apple executives. Chief Financial Officer Luca Maestri, Chief Operating Officer Jeff Williams, and other senior leaders each received approximately $27.2 million in total compensation for 2024.
The compensation increase comes as Apple reported record-breaking service revenue of $24.97 billion in the fourth quarter of 2024, while continuing development of new technologies including artificial intelligence systems for iPhone and Mac products.