Angela Ahrendts officially joined Apple Inc. (NASDAQ:AAPL)’s team of executives on Friday. The former Burberry chief executive officer completed her duties with the British fashion brand. She officially starts her position as SVP of retail and online stores today.
Ahrendts featured on Apple’s official website
A recent update on Apple Inc. (NASDAQ:AAPL)’s official website now includes an image and bio of Ahrendts. She will report directly to chief executive officer Tim Cook, who has been currently leading the retail group temporarily for the past year. Ahrendts is set to take over where John Browett left off when he left in 2012. She will oversee retail stores and Apple’s official online store. Her experience in retail and marketing should prove beneficial for Apple.
Khrom Capital was up 32.5% gross and 24.5% net for the first quarter, outperforming the Russell 2000's 21.2% gain and the S&P 500's 6.2% increase. The fund has an annualized return of 21.6% gross and 16.5% net since inception. The total gross return since inception is 1,194%. Q1 2021 hedge fund letters, conferences and more Read More
Her departure from Burberry
Burberry also confirmed Ahrendts departure on the label’s official website. It was mentioned she will receive her annual cash bonus which is worth up £2.1m. When added to her salary of £1m, it is possible her payout for the final year with the company could be over £9m. She would still lose out on several share bonuses which are set to mature over the upcoming years. Currently, these bonuses are worth £17m at the current share price.
Burberry’s confirmation adds closure to the previous weeks of speculation as to when Ahrendts would finally join Apple.
Apple Inc. (NASDAQ:AAPL) is preparing for a big retail push in the Asian markets, most particularly China. Within the next two years, Apple hopes to expand the number of retail stores in China, with 26 new retail outlets by 2015.
Ahrendts bio reads, “Angela holds a Marketing and Merchandising degree from Ball State University in Indiana, where she was awarded an honorary doctorate in 2010. She is also a member of the UK’s Prime Minister’s Business Advisory Council and was named honorary dame commander of the British Empire in April 2014.”