The days of inflated stock offers to tech executives may be over, but that doesn’t mean that big companies have stopped being generous to its top brass. According to recent SEC filing, Apple has rewarded some of its key executives to the tune of over $400 million in stock grants.
The stock grants come off a record breaking and eventful year for the tech company who saw the loss of its talisman and former co-founder Steve Jobs. A few of the executives who will be somewhat richer include: Scott Forstall (SVP, iOS), Robert Mansfield (SVP, Hardware Engineering), Peter Oppenheimer (CFO), Phil Schiller (SVP, Marketing), Jeffrey Williams (SVP, Operations) and Bruce Sewell (SVP, General Counsel). All received grants of 150,000 shares each.
Other executives who benefited well from the payout include Eddy Cue, a recent appointment to the post of SVP of Internet Software and Services. Unlike the other executives who received 150,000 shares, Cue was granted 100,000—a smaller sum indeed, but still enough to make him $40 million richer.
The biggest reward though went to Apple’s new CEO, Tim Cook. He received 1 million shares upon promotion and at Apple’s current share price, Mr Cook is worth at least $400 million on the value of those shares alone.
The payout is very generous indeed, let’s just see if these guys can perform and keep the Jobs ‘fire’ burning.
Are these stock grants excessive? Share your thoughts with us below.
Source: http://www.sitetrail.com/2011/11/10/apple-gives-out-400-million-in-bonuses-to-its-top-employees/
The stock grants come off a record breaking and eventful year for the tech company who saw the loss of its talisman and former co-founder Steve Jobs. A few of the executives who will be somewhat richer include: Scott Forstall (SVP, iOS), Robert Mansfield (SVP, Hardware Engineering), Peter Oppenheimer (CFO), Phil Schiller (SVP, Marketing), Jeffrey Williams (SVP, Operations) and Bruce Sewell (SVP, General Counsel). All received grants of 150,000 shares each.Other executives who benefited well from the payout include Eddy Cue, a recent appointment to the post of SVP of Internet Software and Services. Unlike the other executives who received 150,000 shares, Cue was granted 100,000—a smaller sum indeed, but still enough to make him $40 million richer.
The biggest reward though went to Apple’s new CEO, Tim Cook. He received 1 million shares upon promotion and at Apple’s current share price, Mr Cook is worth at least $400 million on the value of those shares alone.
The payout is very generous indeed, let’s just see if these guys can perform and keep the Jobs ‘fire’ burning.
Are these stock grants excessive? Share your thoughts with us below.
Source: http://www.sitetrail.com/2011/11/10/apple-gives-out-400-million-in-bonuses-to-its-top-employees/