(Bloomberg) — Apple Inc. disclosed a 18% pay improve for Chief Govt Officer Tim Prepare dinner forward of its annual assembly subsequent month, whereas additionally saying it opposed a shareholder measure calling for an finish to the corporate’s variety program.
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Prepare dinner’s compensation grew to $74.6 million in 2024, in contrast with $63.2 million the prior yr, Apple mentioned in its annual proxy submitting on Friday. Along with govt compensation, buyers will vote on 4 outdoors proposal on the assembly on Feb. 25. The corporate opposed all of them.
The measure about Apple’s variety, fairness and inclusion, or DEI, efforts urged the corporate to contemplate abolishing this system as a result of it could discriminate towards staff and draw lawsuits. The corporate mentioned the proposal was an inappropriate try to limit Apple’s enterprise operations and that it already assesses authorized and regulatory dangers.
Prepare dinner’s pay was made up of a $3 million base wage, $58.1 million in inventory awards, and roughly $13.5 million in extra compensation. The increase largely comes from a rise in inventory award worth.
Whereas Prepare dinner’s pay is up considerably from final yr, it’s nonetheless a far cry from his whole compensation in 2022, which reached practically $100 million due to inventory awards. His pay was lower at his discretion in 2023 after pushback from staff and shareholders.
Apple’s board of administrators mentioned it “made no adjustments to the quantity or construction of Mr. Prepare dinner’s 2025 whole goal compensation.”
Different executives, together with Apple’s retail chief, former chief monetary officer, chief working officer and basic counsel, all made greater than $27 million in 2024, representing slight will increase from the prior yr. Luca Maestri, the ex-CFO, was not too long ago changed as by Kevan Parekh.
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