Apple Senior Executives Get Massive Payday if They Stay Through 2016
The last ten years have been good for those fortunate and talented enough to be part of Apple’s Senior Executive team. And not it just got a lot more lucrative.
According to the Wall Street Journal Apple awarded members of it Senior Executive team stick grants worth roughly $60 million dollars valued at current market prices. The document filed with the Securities and Exchange Commission revealed Apple granted the executives restricted stock shares as an incentive to stay with Apple for the next five years. Executives will be able to claim half of the stocks when they vest in 2013 and claim the remaining shares in 2016.
Executives who received 150,000 shares include CFO Peter Oppenheimer, general counsel Bruce Sewell, Worldwide Product Marketing VP Phil Schiller, iOS Software VP Scott Forstall, Operations VP Jeffery Williams and Hardware Engineer VP Bob Mansfield. Senior VP of Internet Software and Services Eddy Cue received 100,000 restricted shares.
The move is an effort to help ensure Apple’s executives will be around for at least the next five years. This is the team that Steve Jobs hand-picked to steer the ship after his passing. Hopefully these massive economic incentives work and what consumers have grown to love about Apple (and hate) continues to amaze (and infuriate).
Source: The Wall Street Journal