Apple raises CEO Tim Cook’s pay 18% to $74.6 million, blocking anti-diversity proposals ahead of annual shareholder meeting

Technology giant Apple has increased CEO Tim Cook’s 2024 compensation package by 18% to $74.6 million, citing the increased value of his stock awards, Bloomberg reported. The decision was taken ahead of the company’s Annual General Meeting (AGM) on February 25, 2025. Investors will vote on four outside proposals at the meeting, including Cook’s salary.

However, the report states that Apple opposes all other proposals. It added that blocked proposals include a shareholder proposal to end the company’s diversity, equity and inclusion (DEI) programs.

Tim Cook gets a raise

Apple said in a proxy filing on January 10 that Cook’s salary increased to $74. Revenue in 2024 will be $63.2 million, compared with $63.2 million in 2023. The company said the pay increase was primarily due to an increase in the value of stock awards.

Cook’s 2024 compensation breakdown shows: a base salary of $3 million, stock awards worth $58.1 million, and additional compensation of approximately $13.5 million.

While Cook’s pay is up significantly from last year, it’s still a far cry from his total compensation in 2022, which will reach nearly $100 million due to stock awards. He took a pay cut at his own discretion in 2023 amid opposition from employees and shareholders.

Apple’s board of directors said there was “no change in the amount or structure of Mr. Cook’s total target compensation for 2025.”

Other executives, including Apple’s 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. Former CFO Luca Maestri was recently replaced by Kevan Parekh.

Apple’s decision on diversity plans

Measures regarding Apple’s Diversity, Equity and Inclusion (DEI) program have urged the company to consider scrapping the program because it could discriminate against employees and lead to lawsuits. The company said the proposal was an improper attempt to restrict Apple’s business operations and that it had assessed the legal and regulatory risks.

Against this backdrop, several U.S. companies, including well-known names like Harley-Davidson, McDonald’s, Meta, and Walmart, have cut back or abandoned their diversity initiatives.

(With inputs from Bloomberg)