Apple Inc. recently announced that CEO Tim Cook will receive an 18% pay boost, bringing his total compensation for 2024 to $74.6 million, up from $63.2 million last year. This increase was revealed ahead of the company’s annual meeting set for next month. At the same time, Apple has voiced its opposition to a shareholder proposal aimed at ending its diversity initiatives.
Apple’s statement came through its annual proxy filing on Friday, highlighting Cook’s enhanced earnings that now consist of a $3 million base salary, $58.1 million in stock awards, and about $13.5 million in additional compensation. The major reason for this boost was the increased value of stock awards, underscoring the company’s confidence in its leadership.
However, Cook’s 2024 package doesn’t reach the heights of his 2022 compensation, which soared to almost $100 million, courtesy of substantial stock awards. In 2023, he voluntarily reduced his pay following feedback from employees and shareholders.
The company’s annual meeting on February 25 is expected to be a notable event where investors will not only discuss executive compensation but also vote on four external proposals, all of which Apple has opposed. Among these proposals is one concerning Apple’s diversity, equity, and inclusion (DEI) efforts. This particular measure suggests pausing DEI programs, arguing they could potentially lead to employee discrimination and legal challenges. Apple countered that the proposal sets an undue limitation on its operations and maintained that it already evaluates any associated legal and regulatory risks.
In addition to addressing Cook’s compensation, Apple noted that other key executives, including leaders from its retail, financial, operating, and legal divisions, earned over $27 million each in 2024. These figures represent modest increases from the previous year. Luca Maestri, Apple’s former CFO, has found a successor in Kevan Parekh, ensuring continuity in the company’s financial leadership.
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