Apple, as a successful technological company, can undoubtfully compensate its executives very well. At the end of the year, Apple revealed the salaries of Apple CEO Tim Cook and other senior executives.
According to company reports, Cook received a base salary of $3 million in 2024, for the third time in a row. However, thanks to bonuses and other compensation, his total salary reached about $74.6 million last year, an 18% increase from 2023.
Cook was chosen by Apple founder Steve Jobs to head the company in 2009 after falling ill. Although Jobs resumed his role for a short period, he finally handed the baton to Cook shortly before his death of pancreatic cancer in October 2011.
The additional payments to Cook included $58.1 million in stocks, $12 million in non-stock compensation and $1.5 million in other compensation. Apple decided to increase Cook's stock value from $40 million to $50 million to rival the salaries of other leading CEOs. However, despite the high salaries, it is unclear whether Cook is even able to move Apple toward profitability.
The year 2024 was when Apple introduced the Vision Pro headset, which, despite the hype, failed to arouse much interest, probably due to its hefty price tag, which started at $ 3,499. In 2024, Apple also launched its artificial intelligence, Apple Intelligence. However, Apple is rolling out these features gradually, and those released so far have been less impressive compared to Samsung and Google's AI features.
During the fiscal year 2024, Apple's revenue was just under $295 billion, a slight decrease compared to 2023. The company's net profits fell from $97 billion in 2023 to about $94 billion in the last fiscal year despite a small increase in iPhone sales in 2024. The decline is mainly driven by an increase in customs.
Get the Ynetnews app on your smartphone: Google Play: https://bit.ly/4eJ37pE | Apple App Store: https://bit.ly/3ZL7iNv
Still, the company's stock rose over the past year from $191.59 and closed 2024 at $250.42, an increase of 31%, slightly outperforming the Nasdaq 100.
In addition, three other senior executives at Apple each received very impressive salaries: former CFO Luca Maestri, who left the company on New Year's Day; Deirdre O'Brien, Senior Vice President Retail + People; and Kate Adams, Apple's general counsel, each earned just over $27 million last year. Jeff Williams, Apple's COO, received a compensation package of $27 million.