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Top Apple senior VPs get $60 million bonuses each

updated 07:30 pm EDT, Fri November 4, 2011

Apple SEC filing shows huge bonus payouts

Apple on Friday sent filings to the SEC that showed one of the larger bonus payouts to its senior vice presidents in recent memory. iOS head Scott Forstall, Hardware Engineering's Bob Mansfield, CFO Peter Oppenheimer, Worldwide Product Marketing lead Phil Schiller, general legal counsel Bruce Sewell, and operations head Jeff Williams all received share awards of 150,000 shares each. At current market values of about $400 per share, each will have made $60 million if they cashed in the same day.

Eddy Cue, senior VP for Internet Software, only got about 100,000 shares, or $40 million. He had only recently been promoted shortly after Steve Jobs' resignation and already received 100,000 shares as a reward.

In most cases, the executives can cash in by late June 2013, although Cue's follow-up share grant isn't eligible until September 2014.

CEO Tim Cook has already received one million shares in a two-stage grant that vests in 2016 and 2021.

The high payouts follow a succession of strong quarters and are partly a reward for performance. Apple likely has a separate motive, however, in giving executives an incentive to stay now that the iconic Jobs is absent. Although most if not all are likely to stay given company performance, it could prevent poaching or encourage executives to stay through rough periods.



By Electronista Staff
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Comments

  1. ferdchet

    Fresh-Faced Recruit

    Joined: Feb 2011

    -7

    Haha

    I wonder if "Occupy And Stink Up Perfectly Nice Cities" participants will get all angry and stop taking pictures and videos from their iPhones, stop tweeting from their iPhones, etc., etc. You know that Cook, Forstall, etc. aren't going to be giving the proceeds of their stock to the so-called 99%.

  1. global.philosopher

    Fresh-Faced Recruit

    Joined: Sep 2010

    +1

    Sometimes companies forget how they make there mon

    Through ALL there employees

  1. Flying Meat

    Dedicated MacNNer

    Joined: Jan 2007

    +9

    Re: ALL their employees

    I don't imagine they'll all be getting lumps of coal in their stockings. Does it say anywhere in the article the rest of the employees would not receive bonuses?

    With regard to the ferdchet post, Apple, as far as I know, did not accept tax payer bailouts, then give out these bonuses, and foreclose on people's houses. Get to know the cause before you bash the activists.

  1. facebook_Ron

    Via Facebook

    Joined: Nov 2011

    +8

    Awards or Options?

    Are these shares awarded or are they stock options? As options, which is more typical, there's a 'strike price.' For example, the shares are worth, say, $200 each when awarded, which means if they were sold today at $400, they would only make $200 per share. Usually, options are required to be held for a period of time before being exercised.

    From what I can see of Apple's statement, the exercisable date for the stock is 50% on June 21st 2013, and the other 50% on March 21, 2016. The stock has a value now, but who knows what the stock price will be when the exercise dates arrive.

    Still, it's a good chunk of change. Apple has a history of sharing stock and options way down the totem pole. Those on top get more, but those further down are treated well; far better than the 'other 99%.'

  1. slapppy

    Fresh-Faced Recruit

    Joined: Mar 2008

    +8

    Deserve

    What's the problem? They worked their butts off. Led their team and workers to tremendous success. Oh yeah, repeat, they all WORKED hard and earned their pay. Why would I expect or think I deserve a share of their pay? After all, they worked and earned it. I would be ashamed to force someone to give me their money because they made more than I did. That's stealing.

  1. RL7189

    Fresh-Faced Recruit

    Joined: Jun 2010

    +6

    Ives

    Ives is probably the most important member of the team, he must be making the most money, surely.

  1. global.philosopher

    Fresh-Faced Recruit

    Joined: Sep 2010

    -8

    Occupy wallstreet

    If your wondering what the occupy wall street protests look no ferber than here. No one who hasn't taken a risk by investing their own money deserves this king of bonuses. It sends the wrong message to it's employees, some of whom would put in just as much loyalty and sweat into their work.
    Of all the things Apple does right, this is not one of them. Of all the things Google does wrong..at least it seems to treat it's workers better (those that "fit" in anyway)

  1. Hillbilly Geek

    Fresh-Faced Recruit

    Joined: Aug 2006

    +5

    dear global

    start your own multi-billion dollar comapny, and you can run it however you want. easy to ceo from the cheap seats.

  1. Tanker10a

    Fresh-Faced Recruit

    Joined: Jan 2003

    0

    The Rest of Them...

    What those people that are responsible for selling the products i.e Mac Specialists at the store, Genius at the bar; They will not get s***! I promise you that...

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