“John Browett was awarded the hefty payout after the technology giant poached him from Dixons Retail in February, the Sunday Times said,” The Press Association reports. “The payment, which will be staggered over five years and paid in shares, is likely to fuel the debate over executive pay following a series of shareholder revolts, in which investors have overwhelmingly voted against company’s pay reports.”
MacDailyNews Take: Apple shareholders have not “overwhelmingly voted against company’s pay reports.”
The Press Association reports, “Boards have argued that they must offer strong incentives in a bid to recruit the best talent to run their companies… Apple, the world’s largest company by stock market value, has a record of paying senior staff generously. Tim Cook, who replaced Steve Jobs as chief executive last August, is reportedly sitting on deferred stock worth more than 500 million US dollars (£320 million)… Mr Browett took charge of 361 Apple stores worldwide, an operation which took 6.1 billion US dollars (£3.9 billion) in revenues from the sale of iPhones, iPads and Macs in the final quarter of 2011.”
Read more in the full article here.
Apple grants 100,000 shares to new retail head John Browett – April 25, 2012
Tim Cook emails UK customer: John Browett’s role isn’t to bring Dixons to Apple Retail – February 1, 2012
Eyebrows raised over Apple’s hiring of Dixons CEO to run Apple Retail Stores – January 31, 2012
Apple hires Dixons CEO John Browett as new retail chief – January 31, 2012