November 6, 2011
Apple Execs Receive Up To $60M In Bonuses
Recent filings with the Securities and Exchange Commission (SEC) reveal that Apple paid some of its top executives outline stock bonuses of up to $60 million each, various media outlets reported on Friday.
According to Daniel Eran Dilger of Apple Insider, the bonuses were handed out with the intention of locking up those executives through at least 2016.General counsel Bruce Sewell, Senior Vice President of Operations Jeffrey Williams, Worldwide product marketing SVP Philip Schiller, Chief Financial Officer Peter Oppenheimer, Hardware Engineering Senior Vice President Robert Mansfield, and iOS software Senior Vice President Scott Forstall each received 150,000 shares, Dilger said in his report.
While those shares are valued at $60 million at current market prices, the grants will not begin to vest until June 2013, and the second half of that amount will not be available until March 2016 and is contingent upon the executives staying with the Cupertino, California-based iPod, iPad, and Macintosh computer developers, the Apple Insider article added.
A smaller bonus of 100,000 shares was paid out to Eduardo "Eddy" Cue in September upon his promotion to Senior VP of Internet Software and Services. Cue, who oversees the iTunes App Store, iBooks, and iCloud, will see 25% of his shares vest on September 21, 2014 and will be fully vested two years after that date, CNET's Josh Lowensohn wrote on Friday.
Cue's shares would be worth approximately $40 at current market value, CNET reported.
"Our executive team is incredibly talented and they are all dedicated to Apple's continued success," Apple spokesman Steve Dowling said in a statement, according to Lowensohn. "These stock grants are meant to reward them down the road for their hard work in helping to keep Apple the most innovative company in the world."
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