Apple has awarded seven of its key executives with massive stock grants worth approximately $400 million in total.
Six Apple SVPs have been awarded 150,000 shares of Apple for their services, according to recent SEC filings. This includes 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). At Apple’s current stock price of $400.24, those shares are worth approximately $60 million.
Eddy Cue, the recently promoted SVP of Internet Software and Services, received 100,000 instead of 150,000 like Apple’s other SVPs. However, Cue received 100,000 shares when he was first promoted to SVP in September. Each 100,000 stock grant is worth $40 million.
Apple’s execs won’t be able to spend their new-found wealth immediately, though. Fifty percent of Forstall, Mansfield, Oppenheimer, Schiller, Williams and Sewell’s shares will vest in June 2012, while the other half will vest in March 2016. Cue is on a different vesting schedule: 25% of his shares will vest in September 2014, while the other 75% will vest in September 2016.
“Our executive team is incredibly talented and they are all dedicated to Apple’s continued success,” an Apple spokesperson said 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.”
CEO Tim Cook was awarded 1 million shares of Apple after his promotion. At Apple’s current stock price, those shares are worth approximately $400 million. They will vest on a 10-year schedule.
Some readers have pointed out that Jony Ive, Apple’s SVP of Industrial Design, didn’t get a bonus. That is not necessarily the case. For various legal reasons, Jony Ive’s bonus wouldn’t have to be reported to the SEC. We believe he also received a bonus from Apple, but the company declined to report it to the government