Apple (AAPL, Financial) has announced an 18% increase in CEO Tim Cook's compensation ahead of its annual shareholder meeting. Cook's pay will rise to $74.6 million in 2024, up from $63.2 million the previous year. This increase is primarily due to the higher value of stock awards, which include a base salary of $3 million, stock awards worth $58.1 million, and additional compensation of approximately $13.5 million.
Despite the significant increase, Cook's 2024 compensation remains well below his nearly $100 million package in 2022. Following opposition from employees and shareholders, Cook voluntarily reduced his pay in 2023. The Apple board has stated that it will not alter Cook's total target compensation amount or structure for 2025.
In addition to executive compensation, shareholders will vote on four external proposals at the upcoming meeting. Apple opposes all these proposals, including one that suggests terminating the company's diversity, equity, and inclusion (DEI) initiatives. The proposal argues that DEI efforts could discriminate against employees and lead to legal challenges. Apple counters that this proposal is an inappropriate attempt to limit its business operations, emphasizing that it has already assessed legal and regulatory risks.
Other Apple executives, such as the retail chief, former CFO, COO, and general counsel, will also see their compensation exceed $27 million in 2024, reflecting slight increases from the previous year. Kevin Parikh has recently replaced Luca Maestri as Apple's CFO.
