Apple disclosed a 18% pay increase for CEO Tim Cook ahead of its annual meeting next month, while also saying it opposed a shareholder measure calling for an end to the company’s diversity programme.
Cook’s compensation grew to US$74.6 million ($102.23 million) in 2024, compared with US$63.2 million the prior 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 Feb 25. The company opposed all of them.
The measure about Apple’s diversity, equity and inclusion (DEI) efforts urged the company to consider abolishing the programme because it may discriminate against employees and draw lawsuits. The company said the proposal was an inappropriate attempt to restrict Apple’s business operations and that it already assesses legal and regulatory risks.
Cook’s pay was made up of a US$3 million base salary, US$58.1 million in stock awards, and roughly US$13.5 million in additional compensation. The raise mostly comes from an increase in stock award value.
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 US$100 million thanks to stock awards. His pay was cut at his discretion in 2023 after pushback from employees and shareholders.
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Apple’s board of directors said it “made no changes to the amount or structure of Mr. Cook’s 2025 total target compensation”.
Other executives, including Apple’s retail chief, former chief financial officer, chief operating officer and general counsel, all made more than US$27 million in 2024, representing slight increases from the prior year. Luca Maestri, the ex-CFO, was recently replaced as by Kevan Parekh.
