(Bloomberg) — Apple Inc. unveiled an 18% pay raise for Chief Executive Tim Cook ahead of its annual meeting next month, while saying it opposed a shareholder measure calling for an end to the pay program. company diversity.
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Cook’s compensation increased to $74.6 million in 2024, compared to $63.2 million a year earlier, Apple said in its annual proxy filing on Friday. In addition to executive compensation, investors will vote on four outside proposals at the Feb. 25 meeting. The company opposed all of them.
The move on Apple’s diversity, equity and inclusion, or DEI, efforts urged the company to consider abolishing the program because it can discriminate against employees and lead to lawsuits. The company said the proposal was an inappropriate attempt to restrict Apple’s business operations and that it is already evaluating the legal and regulatory risks.
Cook’s salary was comprised of a base salary of $3 million, $58.1 million in stock awards and approximately $13.5 million in additional compensation. The increase comes primarily from an increase in share award value.
While Cook’s salary has increased significantly from last year, it is still a far cry from his total compensation in 2022, which reached nearly $100 million thanks to stock awards. His salary was reduced at his discretion in 2023 following opposition from employees and shareholders.
Apple’s board of directors said it “made no changes to the amount or structure of Mr. Cook’s total target compensation for 2025.”
Other executives, including Apple’s chief retail officer, former chief financial officer, chief operating officer and general counsel, earned more than $27 million in 2024, representing slight increases from the previous year. Luca Maestri, the former CFO, was recently replaced by Kevan Parekh.
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