This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Apple Boss Turns Down $75 Million Payout

By Mark Russell, Newser Staff

Not many of us would walk away from $75 million. Then again, not many of us have been granted 1.125 million Apple shares currently worth hundreds of millions.

But that's what Apple (AAPL) CEO Tim Cook did according to documents filed with the SEC, reports CNNMoney. Apple's compensation committee recently decided that this summer's cash dividend should apply to the restricted stock units awarded to some Apple employees, a group that includes Cook.

More from Newser
As Greeks Pull Money From Banks, Burglars Move In
This Is the World's Cushiest Prison
Why I'm Saying Goodbye to 'Facebookistan'

But Cook requested his shares not be included -- and the SEC filing explains that "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 forgo approximately $75 million in dividend equivalent value."

Writing for CNNMoney, Philip Elmer-DeWitt figures Cook didn't want to take more flak for his bonus package.



--Written by Mark Russell of Newser

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $124.25 -0.14%
FB $81.66 -0.67%
GOOG $542.45 -1.00%
TSLA $187.59 -0.63%
YHOO $44.13 -0.69%

Markets

DOW 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs