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Apple key execs get $400 million in bonuses | The Money Times

Money Matters - Simplified

Apple key execs get $400 million in bonuses

Apple awarded Tim Cook 1 million of its shares when he was made chief executive.

Apple Inc. (Nasdaq: AAPL) just showered seven of its senior executives with bonuses worth about $400 million.

Revealed in its filings to the Securities and Exchange Commission, the tech giant awarded the executives with stock grants with the rider that they continue to work at the company till 2016.

The bonuses
Chief Financial Officer Peter Oppenheimer, General Counsel Bruce Sewell, Senior Vice President of Operations Jeffrey Williams, iOS software SVP Scott Forstall, hardware engineering SVP Robert Mansfield and worldwide product marketing SVP Philip Schiller each got 150,000 shares, which at Apple's Friday closing price are worth about $60 million.

Apple seems to be ensuring its best don't get poached by other companies.

Half of the stock will vest on June 21, 2013, and the rest will become theirs to do with as they please on March 21, 2016, provided they stay with the company till then.

Eddy Cue, who recently became SVP of Internet Software and Services, got a 100,000 shares, worth about $40 million, a quarter of which will vest on Sept. 21, 2014 and the rest on Sept. 21, 2016.

In a statement, Apple said, “Our executive team is incredibly talented and they are all dedicated to Apple's continued success.

“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.”

Apple safeguarding its interests
It must be kept in mind that this is the second time Cue has got a major bonus from the company in the past few months. He got 100,000 restricted shares when he was promoted to the post of SVP in September.

Apple seems to be ensuring its best don't get poached by other companies.

The Cupertino, California-based company awarded Tim Cook 1 million of its shares when he was made chief executive. Those shares are supposed to vest half on Aug. 24, 2016, and the rest on Aug. 24, 2021 as long as he keeps working there.

At Friday's closing price, Cook's grant was itself worth about $400 million.


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