(Bloomberg) — Apple Inc. announced an 18% pay raise 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 program diversity of the company.
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Cook’s compensation increased to $74.6 million in 2024, from $63.2 million the previous year, Apple said in its annual proxy filing Friday. In addition to executive compensation, investors will vote on four outside proposals at the Feb. 25 meeting. Society opposed them all.
The measure regarding Apple’s diversity, equity and inclusion, or DEI, efforts urged the company to consider abolishing the program because it could discriminate against employees and lead to lawsuits. The company said the proposal was an inappropriate attempt to restrict Apple’s business operations and that it was already assessing legal and regulatory risks.
Cook’s salary consisted of a $3 million base salary, $58.1 million in stock and approximately $13.5 million in additional compensation. The increase mainly comes from an increase in the value of the shares granted.
Although Cook’s salary increased significantly from last year, it is still far 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 resistance from employees and shareholders.
Apple’s board said it “made no changes to the amount or structure of Mr. Cook’s total target compensation for 2025.”
Other executives, including Apple’s head of retail, former CFO, COO, and general counsel, all earned more than $27 million in 2024, representing slight increases compared to the previous year. Luca Maestri, the former CFO, was recently replaced by Kevan Parekh.
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