John Browett, Apple Inc. (NASDAQ:AAPL) new retail chief, is on to a great start with the company. It is reported that he received $61 million in stock rights.
Browett officially started his job on April 20 and the same day, he received 100,000 in stock which was worth about $61 million. On October 20th of this year, Browett will receive his first 5,000 units, then 15,000 additional units will vest six months later in October. The remainder will vest in batches of 20,000 units periods over the next five years on each anniversary if he stays with the company.
Back in January, Apple Inc. (NASDAQ:AAPL) announced that John Browett would join the company. He previously worked with Dixons, an electronics store from Europe and Tesco. He replaced the former executive Ron Johnson who now works for JCPenney.
When Apple Inc. (NASDAQ:AAPL) first hired Browett, they ignited some backlash because people claimed he was a newcomer to the company. Tim Cook publicly defended his decision to hire Browett, claiming that he thought Browett was the best choice for the company.
There isn’t a whole lot of information about John Browett and that is a good thing for the company. I think Cook made a wise decision in hiring Browett. His years of experience with Dixons mean that he’s not a stranger to the technology industry and although he may have never had personal experience with a technology maker, he does have the executive ability that makes him qualified for the job plus Cook trusts.
This is a real opportunity for the new retail chief, and the $61 million stock rights is just an added bonus. Since Apple’s shares are hovering near an all time high, it makes sense that the new chief would receive such a high bonus. He can spend or sell his shares as he’d like. Life is pretty sweet for Apple executives, isn’t it?