Tim Cook’s compensation at Apple, $AAPL, grew to $74.6 million in 2024, compared with $63.2 million the prior year

Apple Inc. announced an 18% pay increase for CEO Tim Cook ahead of its upcoming annual meeting, while opposing a shareholder proposal aimed at ending the company’s diversity program.

Cook’s total compensation for 2024 rose to $74.6 million, up from $63.2 million the previous year, according to the company’s annual proxy filing released Friday. His pay package included a $3 million base salary, $58.1 million in stock awards, and approximately $13.5 million in additional compensation, with the increase primarily attributed to a higher value of stock awards.

While Cook’s 2024 earnings reflect a notable rise, they remain significantly lower than his 2022 compensation of nearly $100 million, which had been boosted by stock awards. Cook voluntarily reduced his pay in 2023 following criticism from shareholders and employees. The board stated there would be no changes to the structure or amount of Cook’s total target compensation for 2025.

Shareholders will also vote on four external proposals during the Feb. 25 meeting, all of which Apple opposes. One measure challenges the company’s diversity, equity, and inclusion (DEI) initiatives, suggesting the program could lead to discrimination and potential lawsuits. Apple countered that the proposal sought to unduly limit its business operations and emphasized that it already monitors legal and regulatory risks.

Other Apple executives also saw modest pay increases in 2024, with compensation exceeding $27 million for leaders like the retail chief, former CFO Luca Maestri, COO Jeff Williams, and general counsel Kate Adams. Maestri was recently succeeded by Kevan Parekh as CFO.