“Long-time Apple board member Millard ‘Mickey’ Drexler is stepping down from his position at the tech giant,” Tom Huddleston, Jr. reports for Fortune. Apple said Thursday that Drexler, the CEO of clothing retailer J. Crew, has said he will not seek re-election when his current terms ends at the company’s annual meeting in March. No replacement to the eight-member board has yet been named. Drexler had served on the board since 1999.”
“Meanwhile, Thursday’s regulatory filing also showed that Apple new retail head, Angela Ahrendts, was paid roughly $73.4 million in cash and stock last year,” Huddleston, Jr. reports. “The former Burberry CEO received about $70 million worth of Apple stock as part of a compensation package meant to lure her to Apple from Burberry last year.”
“In the filing, Apple said it took into account Ahrendts’ compensation as head of the U.K. fashion house when determining what to pay her,” Huddleston, Jr. reports. “‘At the time, Ms. Ahrendts was among the highest paid executives in the U.K. and held unvested Burberry equity awards with a value of approximately $37 million,’ Apple said. ‘She also received cash and perquisites from Burberry that exceeded $5 million annually, which was significantly higher than the cash opportunities provided to the Company’s executive officers.'”
Read more in the full article here.
MacDailyNews Take: That’ll buy you a few pizzas.
[Thanks to MacDailyNews Reader “Lynn Weiler” for the heads up.]
Apple CEO Cook more than doubled his paycheck to $9.22 million in 2014 – January 22, 2015