Tim Cook, the Apple man.
Some of you might be saying, ‘Why does he need a raise?’ The answer is that he doesn’t, but he’s giving himself one.
Well, technically, he’s already given himself the raise as a nice little ‘New Year, new me’ as he cooked up (pun on his name intended) an 18% pay raise that took his total take-home to $74.6m in 2024, up from $63.2m in 2023. And let’s not talk about his $750m share windfall.
So, as you can see, he didn’t really need it, but he probably thinks he deserves it. Technically speaking, his base salary is only $3m (poor guy), but it’s dividends and other bonuses that bump it up.
Still, there’s no denying that he’s a smart man who is doing a lot for Apple and who has had an incredible year so far. Let’s take a look at some of his inspirational career highlights at Apple.
1. The iPhone 4S Launch: Stepping into Big Shoes
At the precise moment that Tim Cook decided to launch the iPhone 4S on 4th October 2011, there was no denying that he was the centre of attention.
This wasn’t about introducing a new product into the market; it was much more than that. It was Cook’s first appearance after the resignation of the iconic Steve Jobs from Apple, and he took the stage as the firm’s new CEO. We guarantee that 50% of the people were more interested in him than the phone.
The amount of pressure that was placed on his shoulders is almost incomprehensible. For Cook to succeed, he had to prove himself capable of leading Apple into the technological future.
The flagship iPhone line’s 4S version delivered a strong performance and a host of welcome features with an improved camera and Siri voice assistant embedded into the operating system.
2. Leading Apple to a $600bn Valuation: From Underdog to Icon
17th August 2012 will be written about online for many years to come.
The market value for Apple Inc. reached over $600m, making it the most valuable company in the US. Apple’s achievement is astounding given how it was just seconds away from going bankrupt 15 years ago.
While Steve Jobs pioneered Apple’s revival, Tim Cook took the baton and shifted the company into overdrive.
Cook’s journey has made him the perfect example of adaptability and results. Whether you agree with him or not, his impact has been undeniable. His most impressive contributions might be yet to come, considering the pace at which Apple is progressing towards augmented reality and artificial intelligence.
3. Breaking Ground in China: a Global Vision
Tim Cook’s mid-level business trip to China in 2012 was an important one for Apple as it helped draw a line in the sand, metaphorically speaking.
He saw potential in the country particularly because of the high growth rate of the middle class. However, the company did face issues with labour at one of its suppliers, Foxconn, while Cook had big ideas for Apple’s Global Strategy.
Cook’s approach was both empathetic and hands-on. He went to Foxconn’s Zhengzhou plant staffed with more than 120,000 workers and made public remarks about Apple’s efforts to improve the workplace environment. Simultaneously, he tried to strengthen the company’s partnerships with China Telecom and China Unicom to increase iPhone sales in the region.
This paid off. China alone has become one of the significant sources of revenue for Apple.
4. Apple’s First Dividend in Nearly Two Decades
Apple had approximately $97bn in cash by 2012, and stockholders wanted to cash in their investments.
According to Cook, Apple had stockpiled a mountain of cash untouched since 1995, and in March 2012, he announced the first company buyback. The message was quite clear: the company had turned towards its investors.
Some people questioned whether offering dividends meant that the company had gone past its rapid growth stage. Cook was not in agreement. Apple’s innovation fuelled expansion and increased profit margins while rewarding shareholders. He ended up being correct. Apple, under Cook’s guidance, continued expanding aggressively.
