(Bloomberg) — Apple Inc. revealed. an 18% pay rise for CEO Tim Cook ahead of his annual meeting next month, while also saying he opposes a shareholder measure calling for an end to the company's diversity program.
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Cook's compensation increased to $74.6 million in 2024, compared to $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 meeting on February 25. The company opposed all of them.
Apple's diversity, equity and inclusion bill, or DEI efforts, prompted the company to consider scrapping the program because it could discriminate against employees and draw lawsuits. The company said the offer was an inappropriate attempt to limit Apple's business operations and that it was already assessing legal and regulatory risks.
Cook's salary included a base salary of $3 million, $58.1 million in stock awards, and approximately $13.5 million in additional compensation. The increase comes mainly from an increase in the value of stock awards.
While Cook's salary is up significantly from last year, it's still a far cry from his total compensation in 2022, which reached nearly $100 million thanks to stock awards. His discretionary salary was cut in 2023 after pushback from employees and shareholders.
Apple's board of directors said it had “made no changes to the amount or structure of Mr. Cook's target total compensation for 2025.”
Other executives, including Apple's head of retail, former chief financial officer, chief operating officer and general counsel, all made more than $27 million in 2024, which represents a slight increase from the previous year. Luca Maestri, the former CFO, was recently replaced as Kevan Parekh.
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