“Apple Inc granted its new retail chief 113,334 restricted stock units, the company said in a regulatory filing on Monday, valued at $68.1 million based on Monday’s closing share price,” Supriya Kurane reports for Reuters.
“Angela Ahrendts, a senior vice president and the highest-ranking woman executive at the company, will receive the shares spread over several different vesting periods between June 1, 2014 and June 14, 2018,” Kurane reports. “Ahrendts is the first woman to join Apple’s executive team in nearly a decade and will take on an expanded role, overseeing its vast network of stores that employs about 42,400 people and online teams.”
Read more in the full article here.
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And that’s how you “buy” a new Apple Retail Chief… $68M over four years in restricted stock grants ($17M per year), plus whatever other salary and perks are included. Not a bad gig.
It’s a tremendous incentive for her to be effective. If her actions significantly improve Apple’s business, then the increase in AAPL’s value will be most welcome to her.
As a shareholder, I’m much happier for executives to get their significant remuneration by shares than by salary. It greatly improves the odds of them thinking carefully about the long term implications of their actions.
Damn the samdungs, full speed ahead Angela.
Hope it is tied to performance goals. An incentive is great but it should be awarded based on increasing revenue for the retail business.
Bad start. First perform then get paid. Why a single person gets this mich money just to sign a contract. Outrageous.
Yes, you’re absolutely correct. And I’ve been an Apple shareholder for years and years and years. Never, however, a fanboy. This is way above fair compensation. She’s not flying an F-15. She’s head of marketing. And to pay someone this kind of money before they even start is ridiculous. How did Browett work out?
Back in the old days, in general, a business leader was rewarded based on performance. Today these executives enrich each other just for walking in the door.
… and Apple acts just like any other executive club in this regard. $68 million could have purchased a dozen engineers for 20 years. Who is stupid enough to believe Ahrendts will work harder just because she now has her outrageously over-the-top retirement fund in the bag already ???
The world doesn’t need minimum wage laws, it needs maximum compensation factors. No human being, no matter how talented and no matter what position, is worth 68 million times what another person is worth. This type of extreme greed is precisely what is destroying capitalism and societal trust.
@paul: +1
I concur with Paul; earn the money first. Even after earning it, $68M Is a large sum. Imagine if you spread the wealth to all Apple employees? What a difference it would make in their happiness to work for Apple, and the relationship with the consumer.