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$75 million? Apple CEO Tim Cook says, 'No thanks'

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(Read caption) Apple CEO Tim Cook is shown at an event in March.

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Apple CEO Tim Cook is turning down a payout worth approximately $75 million. 

In a filing with the Securities and Exchange Commission on Thursday, Apple said it had instituted a new policy whereby employees will be eligible to collect a quarterly dividend on shares of restricted stock. Cook's dividends would be worth approximately $75 million per quarter, Reuters reports. But Cook, who received just shy of $400 million in compensation last year, is requesting that he not receive the dividends on the restricted stock. 

Neither Cook nor Apple publicly gave a reason for the move. So hey, why did Cook walk away from such a big pay day?


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