Apple CEO Pay Increases 18%; The company opposes the anti-discrimination measure

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(Bloomberg) — Apple Inc. has announced an 18 percent pay raise for Chief Executive Officer Tim Cook ahead of its annual meeting next month and said it will oppose a stock offer that calls for the company to end its diversity program.

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Cook’s compensation rose to $74.6 million in 2024, up from $63.2 million, Apple said in its annual proxy statement on Friday. In addition to executive compensation, investors will vote on four exit proposals at the Feb. 25 meeting, all of which the company rejected.

Efforts to measure Apple’s diversity, equity and inclusion, or DEI, prompted the company to consider scrapping the program because it could discriminate against employees and lead to lawsuits. The company said the proposal was an unfair attempt to limit Apple’s business and that it was assessing legal and regulatory concerns beforehand.

Cook’s pay was made up of $3 million in base salary, $58.1 million in stock awards and approximately $13.5 million in additional compensation. The increase is mostly due to increase in stock award value.

While Cook’s pay is up significantly from last year, it’s a far cry from his total compensation in 2022, which is about $100 million in stock awards. After pushback from employees and shareholders in 2023, his salary was cut at his own discretion.

Apple’s board of directors has made no changes to the amount or structure of Mr. Cook’s 2025 total target compensation.

Other executives, including Apple’s head of retail, former chief financial officer, chief operating officer and general counsel, were also fired in 2015. They earned more than $27 million in 2024, a slight increase from last year. Luca Maistri, the former CFO, was recently replaced by Kevan Parekh.