(Bloomberg) — Apple Inc. unveiled an 18% pay increase for CEO Tim Cook ahead of its annual meeting next month, while also saying it opposes shareholder action calling for an end to the company’s diversity program.
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Apple said in its annual proxy filing on Friday that Cook’s compensation rose to $74.6 million in 2024, compared to $63.2 million the previous year. 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, or DEI, action urged the company to consider eliminating the program because it could discriminate against employees and spark lawsuits. The company said the proposal was an inappropriate attempt to restrict Apple’s business operations, and that it was already assessing the legal and regulatory risks.
Cook’s compensation consists of a base salary of $3 million, $58.1 million in stock awards, and approximately $13.5 million in additional compensation. The increase comes mostly from an increase in the value of the shares granted.
While Cook’s pay 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 salary was reduced at his discretion in 2023 after employee and shareholder opposition.
Apple’s board of directors said it “has not made any changes to the amount or structure of Mr. Cook’s targeted total compensation for 2025.”
Other executives, including Apple’s retail chief, former CFO, chief operating officer, and general counsel, all made more than $27 million in 2024, representing slight increases from the previous year. Luca Maestri, the previous CFO, was recently replaced by Kevan Parekh.
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