(Bloomberg) – Apple will increase CEO Tim Cook’s pay by 18% ahead of next month’s annual meeting, while filing shareholder action to end the company’s diversity program. He also said he was against it.
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Apple said in its annual proxy filing on Friday that Mr. Cook’s compensation increased to $74.6 million in 2024 from $63.2 million the previous year. In addition to executive compensation, investors are scheduled to vote on four external proposals at the Feb. 25 meeting, all of which the company opposed.
Apple’s diversity, equity, and inclusion (DEI) efforts have prompted the company to consider eliminating the program, saying it discriminates against employees and could lead to lawsuits. The company said the proposal was an inappropriate attempt to limit Apple’s business operations and had already assessed the legal and regulatory risks.
Mr. Cook’s salary consisted of a base salary of $3 million, stock awards of $58.1 million, and additional compensation of approximately $13.5 million. This increase was primarily due to an increase in stock compensation.
Cook’s compensation increased significantly from last year, but is still a long way from his 2022 total compensation of nearly $100 million thanks to stock compensation. His salary was cut at his discretion in 2023 after opposition from employees and shareholders.
Apple’s board of directors said, “There are no changes to the amount or composition of Mr. Cook’s target total compensation for 2025.”
Apple’s other executives, including its head of retail, former chief financial officer, chief operating officer and general counsel, earned more than $27 million in 2024, up slightly from the previous year. Former CFO Luca Maestri was recently replaced by Kevan Parekh.
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