$75 million? Apple CEO Tim Cook says, 'No thanks'(Read article summary)
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.Â
In a filing with the Securities and Exchange Commission on Thursday, Apple said it had instituted a new policy whereby employeesÂ will be eligible to collect a quarterlyÂ 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.Â
Neither Cook nor Apple publicly gave a reason for the move. So hey, why did Cook walk away from such a big pay day?
Well, over at All Things D,Â John Paczkowski chalks it up to "classiness." It's a "remarkable" gesture "in an era when entitlement, greed and arrogance are so often part of the job description," Paczkowski writes.Â "Which is not to say that heâ€™s not reaping some benefits here. Thereâ€™s a lot of mileage for Apple in a symbolic gesture like this, and Cook profits when Appleâ€™s overall value increases."
Since taking over as CEO of Apple in 2011, Cook has assembled an impressive track record.Â
Cook is the top-rated chief executive in the country,Â according to an recent survey from Glassdoor.Â "Employees appear to think that Cook has managed to keep Appleâ€™s core corporate culture intact," writesÂ Hayley Tsukayama of the Washington Post.Â "And heâ€™s certainly been able to keep the companyâ€™s momentum going â€“ though the launch of the iPhone 4S and the third generation of the iPad â€“ feats that Apple is happy to reward."Â
Not that there haven't been a few hurdles. Among them: a recent New York Times report alleging that employees at Foxconn, which builds iPhone and iPad parts for Apple, were underpaid and overworked. In March, Cook dropped in at a Foxconn plant in China.Â It was a kind of repeat trip: In 2010, in the wake of a series of high-profile suicides, Cook, then the COO, reportedly traveled to China to investigate working conditions at several Foxconn factories.Â
Next up for Apple? A new iPhone, probably. Recent reports have indicated that the next iPhone, presumably titled the iPhone 5, will likely ship with a better processor, sharper graphics, a rejiggered chassis, and maybe even a hulking 4-inch display. (By comparison, the current iPhone packs a 3.5-inch screen.)Â Also: 3D maps. If you believe the rumors, look for a September or October launch date.Â
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