Apple Chief Executive Officer Tim Cook has declined about $75 million in stock dividend payouts.The company said in a filing with the US Securities and Exchange Commission on Thursday that while other Apple employees will be awarded quarterly “dividend equivalents” of $2.65 on restricted shares, the CEO asked not to be included. Tim Cook is entitled to more than a million shares of Apple and this equates to about $75 million in loss for him.
Cook, who took over as CEO from late co-founder Steve Jobs in August, has 1.125 million outstanding restricted Apple shares that are vesting over the next 10 years according to the SEC filing. He received the restricted shares in January as compensation for running the company during Jobs’ medical leave.
The company had announced a cash dividend of $2.65 per share to its shareholders back in March. However, restricted shares typically don’t qualify for dividends, so the decision by Apple’s board amounts to bonuses for Apple employees.
In a related note, Apple’s retail chief John Browett will receive a $56 million pay package for taking charge of Apple’s retail operations. The payout will be in the form of Apple shares and will be staggered over five years. Browett is the former chief executive of UK electronics retailer Dixons and there has been speculation that he was hired to lead an Apple retail push into Europe.