Recently promoted Apple execs awarded $50M in stock grants
As part of their recent promotions to senior vice president status, Apple executives Craig Federighi and Dan Riccio have each received stock grants currently worth well over $50 million.
According to new filings with the U.S. Securities and Exchange Commission, Apple's SVP of Mac Software and Engineering Craig Federighi and SVP of Hardware Engineering Dan Riccio were awarded 75,000 shares of restricted company stock worth $50.62 million at current prices.
The filing, first reported by CNET, specifies the stocks will vest at three separate intervals over the next four years, the first being a batch of 25,000 on Dec. 23, 2013. The remaining units will vest equally on Apr. 23, 2015 and Aug. 23, 2016.
Federighi and Riccio were promoted to Apple's Executive Team in late August, alongside news that formerly retired hardware chief Bob Mansfield would return to the company in an unspecified leadership role.
Also noted in the SEC filing was the sale of 25,000 Apple shares worth approximately $16.6 million by board member Mickey Drexler, who is also the chairman and CEO of J. Crew.
Apple usually offers restricted stock units to its executives as an incentive to remain with the company and to foster consistent performance. In March, Apple CEO Tim Cook, CFO Peter Oppenheimer, and SVP Phil Schiller netted a total of about $150 million in vested stock granted in 2008.
According to new filings with the U.S. Securities and Exchange Commission, Apple's SVP of Mac Software and Engineering Craig Federighi and SVP of Hardware Engineering Dan Riccio were awarded 75,000 shares of restricted company stock worth $50.62 million at current prices.
The filing, first reported by CNET, specifies the stocks will vest at three separate intervals over the next four years, the first being a batch of 25,000 on Dec. 23, 2013. The remaining units will vest equally on Apr. 23, 2015 and Aug. 23, 2016.
Federighi and Riccio were promoted to Apple's Executive Team in late August, alongside news that formerly retired hardware chief Bob Mansfield would return to the company in an unspecified leadership role.
Also noted in the SEC filing was the sale of 25,000 Apple shares worth approximately $16.6 million by board member Mickey Drexler, who is also the chairman and CEO of J. Crew.
Apple usually offers restricted stock units to its executives as an incentive to remain with the company and to foster consistent performance. In March, Apple CEO Tim Cook, CFO Peter Oppenheimer, and SVP Phil Schiller netted a total of about $150 million in vested stock granted in 2008.
Comments
Dan, c'mon...a black turtleneck?...really?
Congrats to both.
I think they were quite popular, like, a loooong time ago!
Edit: some one please help me here. Why are two quotes showing up with one being empty? That's twice today.
Dan reminds me of Kramer - Michael Richards. I can imagine him barging into the board room with a new invention of some sort - maybe a desktop that has a foldable desk, like Kramer's coffee table book!
This is what I hate most about Apple as a shareholder.
If Apple wants to give shares to its employees: Buy them from the market + buy the same amount more and destroy them.
Now Apple just prints more shares and dilutes the shareholders shares. Many of AAPL dips are when these insane stock grants are sold off.
My strategy would not penalise shareholders and instead give them a minimal boost.
Great rewards for great people.
Do you know them personally? No? Then how do you know they are great people.It's shameful, really.
Originally Posted by Waverunnr
I love how instead of lowering prices, Apple does... this... instead. It's shameful, really.
I love how instead of learning what you're talking about, you say whatever comes to mind. It's embarrassing, really.
These two could be brothers - a good-looking one and a more ... rugged looking one.
Quote:
Originally Posted by Rogifan
The CNET article says that Apple isn't require to disclose stock grant information to the SEC for Jony Ive. Anyone know why? I'm assuming he's treated the same as the other SVPs in terms of grants awarded. Why would they be required to disclose for others and not Ive?
Isn't Ive based in the UK? That could be the reason. Although these stock options are only worth something if they hit the designated value when they are awarded. I've been awarded stock in my company due to my position in the company, but the price will need to almost double before I can cash out. I'll take a bigger paycheck over stock options any day of the week.
Dan is a vital part of Apple who has been involved in the development of the Ipad,Iphone and other new products. It is nice to see him rewarded for the hard work that he has done over the years. He more than deserves it. As far as the black turtleneck, He looks great.
Quote:
Originally Posted by margaretto
Dan is a vital part of Apple who has been involved in the development of the Ipad,Iphone and other new products. It is nice to see him rewarded for the hard work that he has done over the years. He more than deserves it. As far as the black turtleneck, He looks great.
A $50M dollar bonus is outrageous. These guys may be great, but no employee is worth $50M. There are a lot of smart and talented people in the world. It shouldn't take 50M to keep these guys at Apple. These guys are just lucky to be in the right place at the right time. This is the slippery slope to bloated corporate pay. Once the people at the top start thinking 50M bonuses are no big deal, it creates a culture that can never be undone. People start thinking they are more important than they really are. The next step is a new company crushing them. Obviously we are a long way off, but this is classic.
What about the employees. Without them these people are nothing.
I can understand SJ and Woz getting money...they created the company. I am not sure I like this continual money grab by the senior employees.
Quote:
Originally Posted by margaretto
Dan is a vital part of Apple who has been involved in the development of the Ipad,Iphone and other new products. It is nice to see him rewarded for the hard work that he has done over the years. He more than deserves it. As far as the black turtleneck, He looks great.
You make it sound he was the sole person responsible for the iPad. Come on....if he developped it himself then he should have done it with his own company. Apple is made of employees who put in equal share. They all deserve their equal share.....based on effort , years served and so on.
Quote:
Originally Posted by Waverunnr
Do you know them personally? No? Then how do you know they are great people.Thats right...they could be arseholes and to reward them like this will just disgruntle many of the truely important people and have them leave for company's like....dare I say it...Samsung.
Quote:
Originally Posted by shompa
This is what I hate most about Apple as a shareholder.
If Apple wants to give shares to its employees: Buy them from the market + buy the same amount more and destroy them.
Now Apple just prints more shares and dilutes the shareholders shares. Many of AAPL dips are when these insane stock grants are sold off.
My strategy would not penalise shareholders and instead give them a minimal boost.
Looks like Apple may need a good kick in the pants. Wont be upset to see it go through hard times again...clean house of all the leeches and have someone insightful run the company and bring it back from the brink....it happened once already.
Originally Posted by global.philosopher
You make it sound he was the sole person responsible for the iPad. Come on....if he developped it himself then he should have done it with his own company. Apple is made of employees who put in equal share. They all deserve their equal share.....based on effort , years served and so on.
No, a retail employee does not deserve an equal share as the person responsible for the design of the iPhone or the guy who designed the chips for the iPad.