“Four of the five highest-paid employees at Standard & Poor’s 500 companies aren’t chief executive officers,” Adam Satariano and Hideki Suzuki report for Bloomberg. “They’re Apple Inc. senior lieutenants receiving compensation packages designed to keep management intact in an increasingly competitive industry.”
“The four executives are Bob Mansfield, Bruce Sewell, Jeffrey Williams and Peter Oppenheimer, according to fiscal 2012 compensation figures for top earners filed with the U.S. Securities and Exchange Commission,” Satariano and Suzuki report. “Last year was the second in a row that payouts at Cupertino, California-based Apple ranked among the most generous. Apple directors, who put CEO Tim Cook at the top of the heap last year, are using compensation to keep the team that transformed the iPhone maker into the most valuable technology company under co-founder Steve Jobs, who died in 2011.”
Satariano and Suzuki report, “Apple’s Mansfield received $85.5 million, almost entirely in stock, the second-largest 2012 compensation package in the S&P 500. The total was boosted by the value of a related accounting charge and options that vested earlier than other Apple executives. Mansfield’s base salary was $805,400, matching that for Oppenheimer, Sewell and Williams. Their pay jumped after receiving 150,000 in restricted stock units shortly after Jobs passed away.”
“Since Jobs relinquished control, the only senior executive to leave voluntarily has been retail head Ron Johnson, who served as CEO at J.C. Penney Co. until his ouster this month. Two others, mobile-software head Scott Forstall and Johnson’s successor John Browett, departed under Cook’s management shakeup in October 2012,” Satariano and Suzuki report. “Apple’s strategy appears to be working, since there has been scant turnover, according to Steven Hall, founder of Steven Hall & Partners LLC, a New York-based executive-compensation consulting firm.”
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MacDailyNews Note: Incorrect: Ron Johnson left Apple in June 2011 when Steve Jobs was still very much Apple CEO.
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Apple’s retail store chief Johnson off to J.C. Penney; expected to become CEO within months – June 14, 2011