Apple has given its deep bench of executive talent 60 million reasons to stick around for another five years.
Securities and Exchange Commission filings reveal the company has granted an estimated US$60 million in stock options each to a group of senior executives in the wake of co-founder Steve Jobs’ death, reports “The San Jose Business Journal” (http://macte.ch/rZQvL). The grants vest between 2013 and 2016
Chief Financial Officer Peter Oppenheimer, software chief Scott Forstall, hardware chief Bob Mansfield, marketing chief Phil Schiller, General Counsel Bruce Sewell and operations manager Jeff Williams all got 150,000 in restricted stock units.
Eddy Cue, senior vice president for Internet software, got 100,000 stock units. He got another 100,000 in September when he was promoted to his current post. CEO Tim Cook was given one million stock options worth an estimated $400 million after he took over for Jobs in August.
“The Business Journal” says it isn’t known whether design chief Johnny Ive got any options because Apple has never reported him as a senior executive “even though he was recognized as one of the most powerful figures in the company.”
“Our executive team is incredibly talented and they are all dedicated to Apple’s continued success,” said Apple spokesman Steve Dowling in a statement. “These stock grants are meant to reward them down the road for their hard work in helping to keep Apple the most innovative company in the world.”