Apple Inc. announced an 18% pay hike for its CEO Tim Cook ahead of the company’s annual meeting scheduled for February. Cook’s compensation increased to $74.6 million (₹643 crore) in 2024, up from $63.2 million (₹544 crore) in the previous year, according to Apple’s annual proxy filing on Friday. This raise is attributed primarily to a rise in the value of his stock awards.
The compensation package for Cook includes a $3 million base salary, $58.1 million in stock awards, and around $13.5 million in other compensations. Despite this increase, his 2024 pay is still lower than the $100 million he received in 2022 due to significant stock awards. Cook voluntarily reduced his pay in 2023 following criticism from shareholders and employees.
Apple’s board stated that it had not altered Cook’s total target compensation for 2025, maintaining the same structure and amount. Meanwhile, other senior executives, including the company’s retail chief, former CFO, COO, and general counsel, earned more than $27 million in 2024, reflecting slight increases from the prior year.
In addition to compensation matters, shareholders are set to vote on four external proposals during the February 25 meeting. Apple has opposed all of them, including a controversial measure calling for the removal of its Diversity, Equity, and Inclusion (DEI) program. The proposal claimed that DEI initiatives could potentially lead to discrimination and lawsuits. Apple countered by stating that the measure sought to unnecessarily interfere with its operations and that the company already evaluates legal risks tied to DEI efforts.
Commenting on the proposal, Apple emphasized its commitment to fostering an inclusive work environment and noted that it regularly assesses regulatory and legal risks to ensure compliance.
