Apple Inc. announced an 18% pay increase for CEO Tim Cook ahead of its upcoming annual meeting, while expressing opposition to a shareholder proposal seeking to end the company’s diversity program.
In its annual proxy filing, Apple disclosed that Cook’s total compensation for 2024 rose to $74.6 million, up from $63.2 million in 2023. This included a $3 million base salary, $58.1 million in stock awards, and approximately $13.5 million in additional compensation. The increase primarily stemmed from a higher value of stock awards. However, this figure remains significantly below Cook’s 2022 compensation of nearly $100 million, which was reduced in 2023 at his discretion following criticism from employees and shareholders.
The board stated it had not altered Cook’s total target compensation for 2025.
During the Feb. 25 meeting, shareholders will vote on four external proposals, all of which Apple has opposed. Among these is a measure urging the company to reconsider its diversity, equity, and inclusion (DEI) initiatives, arguing that such programs could lead to employee discrimination or legal challenges. Apple rejected this proposal, calling it an unwarranted attempt to limit its business operations and emphasizing that the company already evaluates potential legal and regulatory risks associated with DEI efforts.
Other top Apple executives, including its retail chief, chief operating officer, general counsel, and former CFO Luca Maestri, earned over $27 million each in 2024, reflecting modest increases. Maestri has since been succeeded by Kevan Parekh as CFO.
