Apple Bonus Time – $400 Million For Exec BoardWritten by Vuk Bojović / Featured in: Business / 05.11.2011.
Apple has some extra money on the side obviously. This giant decided to award its seven finest executives with a pretty impressive sum of $400 million in stocks.
Six of senior vice presidents of Apple did a pretty good job at whatever it is that they do, so they got awarded with 150,000 stocks of…Apple! People awarded are Scott Forstall (SVP, iOS), Robert Mansfield (SVP, Hardware Engineering), Peter Oppenheimer (CFO), Phil Schiller (SVP, Marketing), Jeffrey Williams (SVP, Operations) and Bruce Sewell (SVP, General Counsel). Having in mind that Apple’s current stock price is $400.24, these stock are worth approximately $60 million.
What is really the point here is not how rich Apple is, but the demonstration of power they’re showing of at the moment. They are saying: ”we still exist even though Steve Jobs isn’t around anymore”. That is the moral of the story.
The only fresh blood around, Internet Software and Services SVP, Eddy Cue, got awarded with “only” 100,000 stocks, instead of 150,000. The reason is because Cue got to this position only recently. However, these guys won’t be able to spend a penny out of this money before mid 2013, because they are contracted to a certain date.
Apple’s PR announced that “Executive team is incredibly talented and they are all dedicated to Apple’s continued success. 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.”
Personally, I don’t think these people are really excited about spending all this money, since being a senior vice president of Apple itself doesn’t really have a price. Therefore, it is really nice of Apple for thinking about their finest employees. Steve Jobs left the company in good hands.