Despite a challenging fiscal year for Apple, CEO Tim Cook has received a significant boost in his compensation package. This decision comes as part of a strategy to keep Cook’s pay competitive with his peers in the technology sector. The revised compensation includes $58.1 million in stock awards, $12 million in non-equity incentive plan pay, and an additional $1.5 million in unspecified compensation. Apple raised the target value of Cook's equity award from $40 million to $50 million to ensure he remains appropriately compensated relative to other executives, especially as Apple's financial performance saw some decline.
In fiscal 2024, Apple reported revenues just shy of $295 billion, a minor decrease from the previous year, while net profits fell to $93.74 billion from $97 billion in fiscal 2023. This downturn raises questions about the rationale behind increasing Cook's pay amid such financial instability. Other executives at the company, including former CFO Luca Maestri, received the same compensation adjustments, signaling a broader trend within Apple's higher management regarding the alignment of compensation with market positions rather than direct company performance.
