Apple disclosed ahead of next month's annual shareholder meeting that Chief Executive Tim Cook will receive an 18% pay increase while voicing opposition to a shareholder proposal calling for an end to the company's diversity initiatives. Apple said in its annual proxy filing on Friday that Cook's compensation will increase to $74.6 million in 2024, compared with $63.2 million the year before. In addition to executive compensation, investors will vote on four outside proposals at the Feb. 25 meeting. Apple has expressed opposition to these proposals.
Shareholders are proposing that Apple consider scrapping its diversity, equity and inclusion (DEI) program because it could discriminate against employees and lead to lawsuits. Apple said the proposal was an inappropriate attempt to restrict Apple's business operations and that the company had reviewed the legal and regulatory risks.
Cook's compensation includes a base salary of $3 million, stock awards of $58.1 million, and approximately $13.5 million in additional compensation. The salary increase comes primarily from an increase in the value of stock awards.
Although Cook's salary has increased significantly compared with last year, it is still far behind his total compensation of nearly US$100 million in 2022. He took a voluntary pay cut in 2023 amid opposition from employees and shareholders.
Apple's board of directors stated that it "will not make any changes to Cook's total target compensation amount or structure for 2025."
Apple's other top executives, including its retail chief, former chief financial officer, chief operating officer and general counsel, will each receive more than $27 million in compensation in 2024, a slight increase from the previous year. Kevin Parekh recently succeeded Luca Maestri as Apple's chief financial officer.
Apple stock price rises 31% in 2024.
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