$75 million? Apple CEO Tim Cook says, 'No thanks'
Apple CEO Tim Cook is turning down a payout worth approximately $75 million.听
In a filing with the Securities and Exchange Commission on Thursday, Apple said it had instituted a new policy whereby employees聽will be eligible to collect a quarterly聽dividend on shares of restricted stock. Cook's dividends would be worth approximately $75 million per quarter, Reuters . But Cook, who just shy of $400 million in compensation last year, is that he not receive the dividends on the restricted stock.听
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,听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 .听"Which is not to say that he鈥檚 not reaping some benefits here. There鈥檚 a lot of mileage for Apple in a symbolic gesture like this, and Cook profits when Apple鈥檚 overall value increases."
Since taking over as CEO of Apple in 2011, Cook has assembled an impressive track record.听
Cook is the top-rated chief executive in the country,听according to an recent survey from Glassdoor.听"Employees appear to think that Cook has managed to keep Apple鈥檚 core corporate culture intact," 聽Hayley Tsukayama of the Washington Post.听"And he鈥檚 certainly been able to keep the company鈥檚 momentum going 鈥� though the launch of the iPhone 4S and the third generation of the iPad 鈥� feats that Apple is happy to reward."聽
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.听It was a kind of repeat trip: In 2010, in the wake of a series of high-profile suicides, Cook, then the COO, reportedly to China to investigate working conditions at several Foxconn factories.听
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 even a hulking 4-inch display. (By comparison, the current iPhone packs a 3.5-inch screen.)聽Also: 3D maps. If you believe the rumors, look for a September or October launch date.听
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