Tim Cook, the CEO of Apple, has said he won't take the quarterly $75 million payments he would earn under a new Apple employee policy.
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?