Apple CEO: I’m Rich Enough, Thank You
According to an Apple (NASDAQ:AAPL) regulatory filing, CEO Tim Cook has voluntarily foregone about $75 million of dividends that would have accrued to him once the company commences a quarterly dividend payment expected by the fourth quarter of this year.
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In an effort to treat the unvested, restricted stock units granted to employees on an equal footing with common shareholders, Apple’s compensation committee approved amendments to enable the company to pay equal dividends to the employees.
It appears, however, that Cook requested that none of his restricted stock units earn such dividends, as per the filing.
“Assuming a quarterly dividend of $2.65 per share over the vesting periods of his 1.125 million outstanding restricted stock units, Mr. Cook will forego approximately $75 million in dividend equivalent value,” the filing said.
Cook is the highest-paid CEO in corporate America, earning $378 million last year, most of it received in the form of restricted stock grants.