Sculley And Apple: No Hard Feelings
John Sculley already makes $1 million a year and holds millions more in stock warrants at Spectrum Information. But Apple, his old employer, granted him a "separation agreement" valued at more than $4 million, says a preliminary proxy statement. Apple paid Sculley a year's salary of $1 million and will award an additional $750,000 in "consultant's fees." He can exercise stock options worth $2.4 million. Apple will pay "fair market value" for Sculley's Woodside (Calif.) property, including a house listed for $3.95 million. Why is Apple so generous with profits so precarious? Says an Apple spokeswoman: "We think it was the appropriate thing to do."