(Bloomberg) — Apple Inc. unveiled an 18% pay rise for chief executive Tim Cook ahead of its annual meeting next month, while also saying it opposes a shareholder measure calling for the company’s diversity program to be scrapped.
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Cook’s compensation rose to $74.6 million in 2024, compared with $63.2 million the previous year, 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 objected to all of them.
The measure on Apple’s diversity, equity and inclusion, or DEI, efforts called on the company to consider ending the program because it could discriminate against employees and draw lawsuits. The company said the proposal was an inappropriate attempt to limit Apple’s business operations and that it was already assessing legal and regulatory risks.
Cook’s pay consisted of a base salary of $3 million, $58.1 million in stock awards and approximately $13.5 million in additional compensation. The increase mainly comes from an increase in the value of the shares.
While Cook’s pay is up significantly from last year, it’s still a long way from his total compensation in 2022, which reached nearly $100 million thanks to stock awards. His salary was reduced at his discretion in 2023 after employee and shareholder rejection.
Apple’s board said it “has not changed 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, a slight increase from the previous year. Luca Maestri, the former CFO, was recently replaced by Kevan Parekh.
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