Apple is paying its retail boss Angela Ahrendts $US73.4 million in cash and stock, according to a new filing.
By contrast, Apple CEO Tim Cook’s compensation is about $US9 million.
Here’s Apple’s explanation for Ahrendts’ pay from the filing. She was making about $US37 million at her former job as CEO of Burberry:
In determining her transition package, the Compensation Committee considered Ms. Ahrendts’ compensation arrangement at Burberry and the amounts that she was expected to receive in future years. At the time, Ms. Ahrendts was among the highest paid executives in the UK and held unvested Burberry equity awards with a value of approximately $US37 million. She also received cash and perquisites from Burberry that exceeded $US5 million annually, which was significantly higher than the cash opportunities provided to the Company’s executive officers.
Ahrendts officially joined Apple in May of 2014, although she was hired several months before that. One of her big tasks this year will be to sell the Apple Watch, which comes in dozens of varieties, in Apple Stores.
Ahrendts’ predecessor, John Browett, left Apple in October 2012 after only seven months on the job. It took Apple nearly a year to hire Ahrendts as Browett’s replacement.