Apple CEO Tim Cook Salary Set for $10 Million Increase in 2024 Amid Annual Meeting Proposals

Apple’s (AAPL) CEO Tim Cook is poised to see his total compensation increase by $10 million for 2024, pending shareholder approval at the company’s annual meeting scheduled for next month.

The proposed pay package includes a $3 million base salary, a $6 million cash incentive, and a $50 million target equity reward, bringing the total to $59 million. This marks a $10 million increase in the equity portion of Cook’s pay from 2023, placing his total compensation closer to the top end of the benchmark range for comparable CEOs. In the filing, the People and Compensation Committee highlighted Cook’s role in leading Apple’s remarkable expansion and success, noting that the larger equity reward aligns with long-term shareholder interests. Notably, Cook’s base salary has remained unchanged since 2016.

The annual meeting, scheduled for February 25, 2025, will include a vote on Cook’s proposed compensation, as well as several shareholder resolutions. Among the key proposals are a study on ethical AI practices, a call to halt diversity, equity, and inclusion (DEI) initiatives, and a request for a report on Apple’s philanthropic efforts. However, the board has recommended voting against these resolutions, arguing that existing policies already address these concerns. Apple has pointed out that its AI policies ensure transparency on data privacy and emphasized that its DEI programs and charitable contributions are in line with the company’s business goals.

Apple shares experienced a 2% drop, falling to $232.15 by 12:18 p.m. EST on Monday, down $4.70 from the previous close.

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