Apple's New VP of Retail Starts Job, Receives Massive Stock Options
Apple’s new senior vice president of retail, John Browett, has officially started working and received a lottery-like lump sum of stock options for his troubles.
Browett is only days into his official tenure at Apple and is already $61 million richer, as part of his welcoming package includes 100,000 shares of restricted company stock. The first 5,000 of Browett’s shares will vest on October 20th of this year, with an additional 15,000 shares vesting next April to coincide with his one-year anniversary at the company. Browett will have the rest of his shares vested annually to the tune of 20,000 shares a year according to a pair of filings made with the Securities and Exchange Commission this week.
While that $61 million in shares can’t be cashed today, with the way Apple’s quarterly reports continue to beat estimates, that $61 million will likely be worth a lot more by the time all 100,000 shares are vested.
Browett’s compensation package is fashioned similar to Tim Cook’s compensation package as well as other Apple executives. Cook’s restricted shares vest in 2016 and 2021, ensuring he stays with the company for a very, very long time. But, Cook was also awarded 1 million restricted shares, ten times the amount of shares Browett’s package included.
Becoming an Apple VP is a lot like winning the executive lottery, except hard work and proven results replace dumb luck.