Apple Inc. has awarded its new retail chief Angela Ahrendts stock compensation potentially worth about $68 million, continuing the iPhone maker’s practice of generous pay for executives.
The Cupertino, California-based company said in a filing yesterday that Ahrendts will get 113,334 restricted shares that will vest over the next four years. Based on Apple’s closing price of $600.96, the shares would be worth about $68.1 million.
Apple has long paid executives handsomely to retain them. Four of the six top-paid technology executives worked at the company, according to 2013 proxy data reviewed by compensation-research firm Equilar Inc. in February. They include Apple General Counsel Bruce Sewell and operations executive Jeffrey Williams.
Ahrendts, formerly chief executive officer of Burberry Group Plc, was named in October to lead Apple’s retail business, which includes more than 400 outlets and the company’s online store. She started recently and will report to CEO Tim Cook. She’s the only woman among Apple’s 10-member executive team.
At Burberry, Ahrendts more than doubled sales since 2006. She also rejuvenated the brand by expanding in China, as well as embracing the Web and social media.
Some of Ahrendts’s reward amounts at Apple will depend on the company’s performance during the vesting period, according to the filing. The first vesting date is June 1 for about 16,264 shares worth $9.78 million and the last vesting date is June 14, 2018.