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Apple to pay ex-Burberry boss Ahrendts $68m in shares | Apple to pay ex-Burberry boss Ahrendts $68m in shares |
(about 4 hours later) | |
US technology giant Apple has awarded its new retail chief Angela Ahrendts a pay package which includes $68m (£40m) in shares. | US technology giant Apple has awarded its new retail chief Angela Ahrendts a pay package which includes $68m (£40m) in shares. |
The pay award, which amounts to 113,334 shares, was revealed in a regulatory filing to the Securities and Exchanges Commission (SEC). | The pay award, which amounts to 113,334 shares, was revealed in a regulatory filing to the Securities and Exchanges Commission (SEC). |
Apple announced the appointment of Ms Ahrendts in October, but she only started her job on 1 May. | Apple announced the appointment of Ms Ahrendts in October, but she only started her job on 1 May. |
She was previously chief executive of UK luxury retailer Burberry. | She was previously chief executive of UK luxury retailer Burberry. |
Ms Ahrendts will receive 85% of the shares as long as she stays with Apple for four years, regardless of performance. | Ms Ahrendts will receive 85% of the shares as long as she stays with Apple for four years, regardless of performance. |
She will receive the shares award over a number of vesting periods beginning on 1 June 2014 and ending on 14 June 2018. | She will receive the shares award over a number of vesting periods beginning on 1 June 2014 and ending on 14 June 2018. |
The first tranche will vest on 1 June 2014 and is worth $9.8m at Apple's closing price of $600.96 on Monday. | The first tranche will vest on 1 June 2014 and is worth $9.8m at Apple's closing price of $600.96 on Monday. |
She can expect the next tranche to vest on 1 May 2015. | She can expect the next tranche to vest on 1 May 2015. |
At Monday's closing price the second tranche would be worth $13.6m. | At Monday's closing price the second tranche would be worth $13.6m. |
The pay package makes her among the most highly paid female executives in the world. | The pay package makes her among the most highly paid female executives in the world. |
In 2012, a survey by corporate governance group Manifest and pay consultancy MM&K found that Ms Ahrendts was already the best-paid chief executive in the FTSE 350, taking home a total of £16.9m in salary and stock awards that year. | In 2012, a survey by corporate governance group Manifest and pay consultancy MM&K found that Ms Ahrendts was already the best-paid chief executive in the FTSE 350, taking home a total of £16.9m in salary and stock awards that year. |
She is the first woman to be appointed to Apple's board of directors in a decade and will take charge of its global retail and online stores, which employ around 42,400 people. | She is the first woman to be appointed to Apple's board of directors in a decade and will take charge of its global retail and online stores, which employ around 42,400 people. |
Ms Ahrendts was credited with the turnaround of Burberry doubling sales thanks to overseas expansion, while the retailer's share price rose by 250% under her tenure. She was appointed chief executive in 2006. | Ms Ahrendts was credited with the turnaround of Burberry doubling sales thanks to overseas expansion, while the retailer's share price rose by 250% under her tenure. She was appointed chief executive in 2006. |
Emerging markets | Emerging markets |
Burberry has seen significant overseas growth, particularly in China. As of last year three-quarters of Burberry stores were located in emerging markets. | Burberry has seen significant overseas growth, particularly in China. As of last year three-quarters of Burberry stores were located in emerging markets. |
In contrast nearly half of Apple's 431 stores are in its home market of the US. Despite this only 31% of Apple's revenues in the past quarter came from America. | |
Apple is in a battle with chief rival Samsung for dominance in the smartphone market, particularly in markets such as China. | Apple is in a battle with chief rival Samsung for dominance in the smartphone market, particularly in markets such as China. |
The US technology giant has previously said it expects to open 30 new retail stores this year. Two-thirds of those stores will be outside the US. | The US technology giant has previously said it expects to open 30 new retail stores this year. Two-thirds of those stores will be outside the US. |
It recently opened stores in Brazil and Turkey taking its global presence to 15 countries. At the beginning of the year Samsung announced a five year deal with Carphone Warehouse that will see 60 Samsung branded stores open across Europe. | |
Last month Apple reported profits of $10.2bn (£6.1bn) for the three months to the end of March after selling 43.7 million iPhones in the quarter . | Last month Apple reported profits of $10.2bn (£6.1bn) for the three months to the end of March after selling 43.7 million iPhones in the quarter . |
It also announced plans to buy an additional $30bn of its stock back from shareholders and to increase its quarterly dividend by 8%. | It also announced plans to buy an additional $30bn of its stock back from shareholders and to increase its quarterly dividend by 8%. |