Apple’s new head of retail, Angela Ahrendts, received more than $73 million in cash and stock last year. By comparison, company CEO Tim Cook received “only” $9.2 million in 2014, so there is a huge gap there. Why? The SEC filing and Fortune’s Tom Huddleston Jr. reveal the answer.
When Ahrendts decided to join the world’s biggest tech company, she was among the highest-paid CEOs in the UK. So, to lure her away, Apple paid Ahrendts about $70 million worth of Apple stock.
“At the time, Ms. Ahrendts was among the highest paid executives in the U.K. and held unvested Burberry equity awards with a value of approximately $37 million,” Apple said. “She also received cash and perquisites from Burberry that exceeded $5 million annually, which was significantly higher than the cash opportunities provided to the Company’s executive officers.”
Tim Cook, on the other hand, has a bigger base salary than Ahrendts: He takes home $1.8 million, versus just over $400,000. In addition, Cook received more money in non-equity compensation: $6.7 million compared to Ahrendts’ $1.7 million.
Meanwhile, Millar “Mickey” Drexler, CEO of clothing retailer J. Crew, has announced that he will retire from his position on the Apple board when his current terms end in March. He leaves Apple after 16 years’ service.