“Apple last week granted more than $122 million in restricted stock-based compensation to members of its executive team for their current and future efforts in driving the company’s success, regulatory filings with Securities and Exchange Commission show,” Katie Marsal reports for AppleInsider. The grants were “based on the closing price of Apple shares Monday ($105.26).”
MacDailyNews Take: Perfect timing.
Marsal continues, “The grants for restricted stock units, which won’t vest until March 24, 2012, aim to reward members of Apple’s top brass for their performance thus far and lock them into their roles at the company for the foreseeable future. Should any of the executives vacate their position ahead of the vesting date, they’ll forfeit their right to claim the shares.”
“The most heavily rewarded executives where Chief Operating Officer, Timothy D. Cook, who received 200,000 shares ($21,052,000), and Senior Vice President Retail, Ron Johnson, and Chief Financial Officer, Peter Oppenheimer, each of which were granted 150,000 shares ($15,789,000),” Marsal reports. “Five other executives were each granted 120,000 shares ($12,631,200), including Senior Vice President Worldwide Product Marketing, Phil Schiller [and] Senior Vice President Industrial Design, Jonathan Ive.”
More in the full article here.
Damn..and I thought my 800 shares was a big pile.
iPod Money
Apparently Apple must have done well this year.
Phil Schiller, are you Schillering me what exactly does he do besides being Steve’s sidekick at keynotes and he gets the same FAT bonus as Jonathan Ive??? How much did the guys that are coding OS X and engineering the hardware getting, they are the ones that really deserve the shares, they are the one delivering shareholder value, yet again the guys with the biggest pay get the FAT rewards. No mention of the CEO did Steve tell them to stuff the measly 30 Million?
By the way all these really big gifts do is give them an incentive to retire when they vest.
I guess my 2000 share don’t mean anything.
magicword: another
As in time to buy another 2000 shares.
what exactly does he do besides being Steve’s sidekick at keynotes and he gets the same FAT bonus as Jonathan Ive???
He runs the best marketing organization in the industry.
Oh, and the scroll wheel on the original iPod was Phil’s idea.
-jcr
Wow–what timing!! Everyone else could buy shares at that price too, but they would be betting their own money. Pretty sweet for the Apple execs…
That is obscene. Legal, of course, but offensive. (“legal, of course” meaning that they have learned from the recent past) Not that Tim Cook has not done good work, but what could he has possibly have done that would make him worth (an under-valued) $21 million? And Johnson or Oppenheimer, what did they do to make them worth well over $15 million?
Payments this large, for a job “normally well done”, are Just Wrong. Those bonuses are as well deserved by every employee as they are by those so honored. Perhaps more so. This is WRONG.
But there is an even deeper question…
Where is Steeve in those plans ???
Usually, he is the first to beneficiate this ?
Does this means he is not so implicated now ?
Does this means he do not care & work for free ?
Does this means he do not plan to stay up to 2012 ???
OK, now announce the stock buy back plan!
Ron Johnson is one of the main reasons for all of Apple’s success over the last 7 years. Apple retail wouldn’t be what it is today without him. He has strengthened the Apple brand globally with well designed stores. And yes the case can be made that without great software and products, Apple retail wouldn’t be anything, but he deserves his due.
What has Tim Cook done over the past year to warrant a bonus of $16,550.31 a *day* over the next 3.5 years?
What has Peter Oppenheimer done over the past year to warrant a bonus of $12,412.74 a *day* over the next 3.5 years?
What have Phil Schiller and Jonathan Ive done over the past year to warrant a bonus of $9,930.19 a *day* over the next 3.5 years?
Also remember that these guys will very likely get another round of grants a year from now, and another round the year after that, etc., etc.
These guys, along with Steve Jobs, have run Apple very well, but no one is worth their standard salary PLUS over $16,000 a day in bonuses. No one.
@shadowself
Yes, yes, yes, and wrong.
what kind of stock options do regular employees get?
what is the median Apple employee salary & i’m not including the China workers who assembled my macbook?
if the answers are what i suspect, apple employees need a
UNION to force steve & pals to share some of that loot.
Jealous much?
“what kind of stock options do regular employees get?”
When I left the company, my shares were worth enough for me to coast for about three years or so. Because of that, I’ve been able to start a new business instead of having to go and find another job.
“apple employees need a UNION”
Fsck off and die, pinko.
-jcr
“These guys, along with Steve Jobs, have run Apple very well, but no one is worth their standard salary PLUS over $16,000 a day in bonuses. No one.”
Tell you what: buy a share, come to the shareholder meeting, and propose a measure to limit their pay to whatever you think they’re worth. I’ll vote against it, and I’ll make sure I call you a stupid asshole in front of all of the shareholders present.
Our management team has added around a hundred billion dollars to AAPL’s valuation. What we pay in executive compensation is one of the best deals in the market today.
-jcr
“Ron Johnson is one of the main reasons for all of Apple’s success over the last 7 years.”
I’ll second that, and add: if you ever get a chance to hear him speak in public, don’t miss it. The man knows things about how to sell things in stores that I had no idea there was to know.
When Apple decided to get into retail, they set out to find the most talented retail manager in the world, and they got him. Ron Johnson is easily worth many times what Apple pays him, and I hope we can hang on to him for many more years.
I’m sure that there are a lot of retail operations out there who would give anything they could to get Ron to run their company. Hell, he’s probably the only person in the world who could return Sears to the position they once held at the top of the retail industry.
-jcr
“Fsck off and die, pinko.
-jcr”
you’re very eloquent tonight johnnie boy.
just relax…….everything gonna be all right………you’ve just got your panties in a wad…….all because of your idolization of Steve
ps…..steve is straight. some of these Jobs worshipers are crossing the line; i suspect some repressed, unresolved issues may be involved..
“you’re very eloquent tonight johnnie boy. “
I tailor my message to the audience. It’s precisely what you deserve.
You god damned mobsters damn near destroyed the US auto, steel, and manufacturing industries, and now you want to do it to the computer industry, too. Fsck you, and the Marxist bullshit you rode in on.
-jcr
what do you mean “You god damned mobsters damn near destroyed the US auto, steel, and manufacturing industries”?
what’s with the “damn near”? US auto is dead, just hasn’t been taken off life support yet.
For those of you “shareholders” that think this is great and they deserve the money, just remember to say thank you to the board, for giving the exec team your dividend.
Unions are killing the north american economy, but greedy overpaid corporate executives are doing with much greater efficiency.
And find me some proof that the the scroll wheel was Schiller’s idea. Even if he is credited with the invention like most execs he probably herd the idea from a member of his staff and ran with it.
Executive compensation in North America has gone out of control from 75 X the average employee’s salary to over 200 X in just a few years, and most without any basis on performance. In fact most get more for getting fired then the average employee gets for doing there job well for 45 years.
And 1 more thing I don’t believe these guys got multi million dollar bonuses, they were awarded the right to purchase Apple stock at a locked in price when they become vested so what they are really getting is the difference between what the price is on the grant and what they can bring the stock up to in the next few years. So lets all hope they are extremely greedy and push the stocks value up for all their shareholders. P.S. sell on March 23, 2012.
@Thomas
@@Shadowself
No. Not jealous at all. As the VP & CTO of a company with a projected cash flow of about $0.5 billion next year, and someone who does not agree with excessive pay for executives, I can say with better perspective than most that this is too much.
@John C. Randolph
“Our management team has added around a hundred billion dollars to AAPL’s valuation. What we pay in executive compensation is one of the best deals in the market today.”
NOT over the past year! The stock (and thus market cap) is way down from a year ago. So what is your excuse for them getting such huge bonuses?
@Jeff
The article clearly states these are stock *grants*, not stock options. They don’t have to pay a penny for them (other than income taxes). It’s not that different from a cash bonus. The only hazard is that if the economy does not get better the stock is very unlikely to go up.
“Apparently Apple must have done well this year.”
Yes, I hear the stock is up quite a lot. These grants are obviously well deserved.