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
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iPhone 14, 16 and 17 are all do nothing upgrades. Apple is dying. This loser is the new Sculley.
Apple needs to fire 90% of its employees. It needs one of Steve Jobs’ regular bozo purges, desperately, staring with the bozo in chief.
Apple needs a master chef, and all it has is a lousy cook.
$10m doesn’t mean anything to (billionaire) Tim Cook.
the salary is window dressing.
it’s insignificant.
incidentally, I strongly disagree that the Vision Pro is ‘AR goggledoggles.’
that’s what innovation looks like:
an expensive, kludgy, not fully baked, early adopter mind-blowing first step.
This so-called “innovation” of which you speak was begun under Steve Jobs, (like everything else of note at Apple), an actual visionary who most certainly would not have released Vision Pro in the state in which it was released.
Work on Apple Vision Pro began under Steve Jobs – August 23, 2023
you could say work on the Vision Pro began under Pythagoras.
Jobs has been dead for awhile and the VP developed under Tim Cook’s watch.
you have no idea what Jobs would or wouldn’t do.
You’re just lionizing one and demonizing the other.
reality is a lot more complex than that.
NO!