The announcement answers long-simmering questions about a successor for 65-year-old Cook, who declared he will become executive chairman of the board when he cedes Apple’s CEO position.
“It has been the greatest privilege of my life to be the CEO of Apple and to have been trusted to lead such an extraordinary company,” Cook declared in a statement, as quoted by news agency AFP.
Cook joined Apple in 1998 and rose through the ranks and assisted drive its success as chief operating officer coordinating the iPhone creater’s complex supply chain. He became chief executive in 2011 after its iconic co-founder and leader, Steve Jobs, left due to health issues.
Cook is credited with expanding Apple’s product line and ramping up the company’s value to some $4 trillion based on the value of its shares. He was the mastermind of the strategy that created China the primary manufacturing base for Apple devices, with the vast majority of iPhones assembled by contractor Foxconn and other suppliers in Chinese factories.
Tim Cook: Career and Net Worth
Tim Cook has an estimated net worth of $2.9 billion and sold $9 million worth of shares, representing 0.33%, according to the real-time data on Forbes. He owns more than 3 million shares of Apple, representing less than a 1% stake, and has sold over $1 billion worth of shares over the years. Since 2005, he has also served on the board of Nike.
Before taking over as Apple CEO, Cook was the company’s senior vice president of worldwide operations. His salary was $500,000 per year. According to Celebrity Net Worth, Cook’s salary increased to $900,000 per year when he assumed the role of CEO at Apple in 2011.
For nearly a decade, his base salary has been locked at $3 million per year. Even as the company’s valuation skyrocketed, Apple’s compensation committee kept his cash base flat, preferring to reward him through stock and cash bonapplys.
Besides his $3 million base, Cook earned a non-equity incentive plan compensation (a cash bonus) that typically ranges from $8 million to $12 million based on Apple hitting its revenue and operating income tarobtains. In 2022, his total compensation peaked at an astronomical $99.4 million.
In 2023, following shareholder feedback over the size of his pay package, Tim Cook requested a voluntary reduction in compensation, lowering his tarobtain pay and taking home $63.2 million. However, in 2024, buoyed by a strong stock rally and performance-based incentives, his total compensation rebounded by 18% to $74.6 million, comprising a $3 million base salary, $58 million in stock awards, $12 million in performance bonapplys, and $1.5 million in other benefits and remained in the $74 million range through 2025.
“Apple has grown from a market capitalization of approximately $350 billion to $4 trillion, representing a more than 1,000% increase, and yearly revenue has nearly quadrupled, from $108 billion in fiscal year 2011 to more than $416 billion in fiscal year 2025,” a release from Apple stated.
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