Apple's new retail chief Angela Ahrendts receives 113K restricted stock units worth $68M
After officially joining the company last week, Apple's new SVP of Retail and Online Stores Angela Ahrendts has received more than 113,000 restricted stock units currently worth more than $68 million in common shares.
According to a filing with the U.S. Securities and Exchange Commission, filed on the same day that Ahrendts was given an official bio on Apple's Leadership webpage, the new head of retail received 113,334 RSUs broken up into five parcels. The document was first spotted by MacRumors.
At current AAPL share prices, the RSU bonus is worth more than $68 million. As with other top-level executives, Ahrendts' restricted stock will vest in varying intervals over the next four years, with the first batch scheduled to vest in June. According to the SEC, the first allotment will convert 26 percent of a batch of 62,555 RSUs into common stock that, if traded today, would be worth $9.78 million.
The remainder of Ahrendts' largest package will vest as follows: 32 percent on April 1, 2015, 21 percent on July 18, 2015, 15 percent on June 14, 2016, 3 percent on June 14, 2017 and 3 percent on June 14, 2018. One third of another 33,476 RSU chunk will vest on May 1 in 2015, 2016 and 2017.
Performance-based RSUs in "target number" batches of 5,817, 5,739 and 5,747 RSUs will vest on May 1 in 2015, 2016 and 2017, respectively. Depending on Apple's relative shareholder return from May 1, 2014 through the vesting date, the actual number of RSUs converted to common stock will be between 0 and 200 percent of the target number.
Apple routinely offers its leadership team RSUs as a way to incentivize continuous positive performance, the latest being a nearly 36,000 RSU bonus meted out to executives in March. Now that Ahrendts is part of that team, she too is receiving the same treatment.
According to a filing with the U.S. Securities and Exchange Commission, filed on the same day that Ahrendts was given an official bio on Apple's Leadership webpage, the new head of retail received 113,334 RSUs broken up into five parcels. The document was first spotted by MacRumors.
At current AAPL share prices, the RSU bonus is worth more than $68 million. As with other top-level executives, Ahrendts' restricted stock will vest in varying intervals over the next four years, with the first batch scheduled to vest in June. According to the SEC, the first allotment will convert 26 percent of a batch of 62,555 RSUs into common stock that, if traded today, would be worth $9.78 million.
The remainder of Ahrendts' largest package will vest as follows: 32 percent on April 1, 2015, 21 percent on July 18, 2015, 15 percent on June 14, 2016, 3 percent on June 14, 2017 and 3 percent on June 14, 2018. One third of another 33,476 RSU chunk will vest on May 1 in 2015, 2016 and 2017.
Performance-based RSUs in "target number" batches of 5,817, 5,739 and 5,747 RSUs will vest on May 1 in 2015, 2016 and 2017, respectively. Depending on Apple's relative shareholder return from May 1, 2014 through the vesting date, the actual number of RSUs converted to common stock will be between 0 and 200 percent of the target number.
Apple routinely offers its leadership team RSUs as a way to incentivize continuous positive performance, the latest being a nearly 36,000 RSU bonus meted out to executives in March. Now that Ahrendts is part of that team, she too is receiving the same treatment.
Comments
Over that period of time, her performance should be able to return far more than ~$68M in additional value from the Apple Store.
Nice first day on the job!
Really, is any one person worth that much?
It's an elite little club and we get to watch through the glass windows.
Yup, pretty much.
Nice first day on the job!
Really, is any one person worth that much?
Senior Vice Presidents of Apple, Inc. have huge responsibilities and salaries and perks commensurate with such. Very few are even qualified. Fewer yet make successes of their positions.
Nice first day on the job!
Really, is any one person worth that much?
No
The only way to measure "worth" in these situations is how much money they make their company. Of course no human being is "worth" that much, but that calculation is irrelevant. If she has a positive impact on Apple's retail experience, and performance, then yes, she is worth that much- because that impact will be far greater, financially, than whatever she's being paid.
Wow -- that's a big pile of money for just walking through the door. I need to find better doors.
The trick is to be invited in. You can walk through the same doors she did, but some nice security guards will escort you out
If I had 2K of her shares and she had a feather up her ass... we both would be tickled.
Wow -- that's a big pile of money for just walking through the door. I need to find better doors.
If she's not a proper fit and is "shown the door" as was John Browett, will she have to give the money back? </s>
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She was already making millions per year. Perhaps she wants this job as an opportunity for personal accomplishment or to make a difference in the world, not necessarily for the money.
Sad to see that people that risk their lives everyday like police, armed forces, firemen, etc. get paid such paltry salaries for risking their lives. Then, see some senior VP get paid over 1000 times more when their lives are not even at risk. Those that risk their lives should be worth a lot more!
Sad to see that people that risk their lives everyday like police, armed forces, firemen, etc. get paid such paltry salaries for risking their lives. Then, see some senior VP get paid over 1000 times more when their lives are not even at risk. Those that risk their lives should be worth a lot more!
Sorry but the reality is that most public service and emergency personnel followed a path from volunteering in the military to the public service roles such as civilian police and firefighters. They were never in it for the money. They have pride in their service, but no one employed as emergency first responders is expecting to receive the pay equal to the compensation of a corporate CEO. That is just the facts, Jack. They are exceptional people but still lowly public servants. If they wanted a high salary they wouldn't have chosen a career in emergency public service.