(Bloomberg) — Apple Inc. announced an 18% pay increase for Chief Executive Officer Tim Cook ahead of next month’s annual meeting, while also saying it opposed a shareholder measure calling for an end to the company’s diversity program.
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Cook’s compensation grew to $74.6 million in 2024, up from $63.2 million the year before, Apple said Friday in its annual proxy filing. In addition to executive compensation, investors will vote on four external proposals at the February 25 meeting. The company has spoken out against all proposals.
The measure on Apple’s diversity, equity and inclusion, or DEI, urged the company to consider eliminating the program, saying it could discriminate against employees and lead to lawsuits. The company said the proposal was an inappropriate attempt to restrict Apple’s business and that it already assesses 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 is largely due to an increase in the value of the shares.
While Cook’s salary is significantly higher than last year, it is still a far cry from his total compensation in 2022, which was almost $100 million thanks to stock awards. His pay was reduced at will in 2023 after opposition from employees and shareholders.
Apple’s board of directors said it has “made no changes to the amount or structure of Mr. Cook’s total target compensation for 2025.”
Other executives, including Apple’s Retail Chief, former Chief Financial Officer, Chief Operating Officer and General Counsel, all earned more than $27 million in 2024, marking a slight increase from the previous year. Luca Maestri, the former CFO, was recently replaced by Kevan Parekh.
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