Apple explains $73 million payout to Angela Ahrendts in SEC filing

News / Mobile phones

Apple explains $73 million payout to Angela Ahrendts in SEC filing

  • 2015-02-13 12:59:10
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News / Mobile phones Apple explains $73 million payout to Angela Ahrendts in SEC filing

Earlier today, Apple released a proxy statement that detailed the payouts of all its executives, including Tim Cook and SVP of Retail Head, Angela Ahrendts. 

While the CEO of Apple only collected $9.2 million, Angela earned the highest among all of Apple’s executives taking home a whopping $73 million.

Apple has further explained its $73 million payout to Ahrendts in its SEC filing. The SVP of Retail and Online Sales was among the highest paid executives in the company because when she left Burberry, she also had to leave $35 million worth of unvested stocks and $5 million in other perquisites. So the Cupertino company had designed her 2014 package to make her “whole financially” since her salary at Apple was substantially less compared to Burberry.

After joining Apple in May, Angela has collected $70 million worth of Apple stock in grants. Of this, about $37 million is to compensate her for the losses that she had to incur for leaving Burberry and accepting a job at the Cupertino company, while the rest is a new-hire stock allocation valued at $33 million. She also received $500,000 from Apple as cash bonus and $457,615 for relocation expenses.

In its filing, Apple also mentions that it has extended a severance package to Arhendts that will see her walking away with a lump sum money that would be equivalent to her base salary that she will be receiving over her three-year tenure with the company.

[Via Re/code]


Categories: Mobile phones

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