Tim Cook spurns $75m Apple divvy
Can't be bothered carrying small change
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At a time when Facebook CEO Mark Zuckerberg is coming under flak for his personal gains from Facebook shares, Tim Cook has turned down a $75 million dividend on his Apple shares.
It's the first time since Steve Jobs took over in 1997 that Apple are issuing shareholder dividends. And Cook has offered to forgo the dividends due to him which means that the CEO is passing over a cool $75 million.
In a filing to the SEC financial authority in New York last night, the Senior Vice President of Apple D Bruce Sewell wrote that the Board had approved all dividend pay-outs, except for Cook's:
At Mr. Cook's request, none of his restricted stock units will participate in dividend equivalents. Assuming a quarterly dividend of $2.65 per share over the vesting periods of his 1.125 million outstanding restricted stock units, Mr. Cook will forego approximately $75 million in dividend equivalent value.
Lawks. ®
COMMENTS
I just returned from the bowels of google
AC, are you basing any of your prejudice and disdain of Tim Cook on anything that occurred before January 2011, when he became acting CEO of Apple? Were you aware of his rapacious, ravenous nature before he joined Apple in 1998. Did he display that sort of behavior when he was COO?
Could it be that you really weren't aware of this flaw in his personality until "In early 2012, he was awarded compensation of 1 million shares, vesting in 2021, by Apple's Board of Directors.[5] As of April 2012, these shares are valued at US $600 million, making him the world's highest paid CEO?"(Wikipedia)
Was accepting this remuneration which was voted by the Board a mistake or good sense? Wasn't the Board, in replacing Steve Jobs, looking for an aggressive, go-get-em-guy to take over for the deceased glorious leader?
How would it look then if the man they had chosen, this ex COO and ex acting CEO, turned to the board, like Caspar Milquetoast, and said "Oooh, that's way too much money"?
If he had said that, the Board would say: "Thank you, Mr Cook. NEXT"
Re: Why?
Yes, we've seen so many Wall Street & City CEOs turn down extra money because they just hate paying their taxes (especially when they money-launder it in Geneva or elsewhere).
Let's just be honest. There's a vile & repulsive gene that we've seen revealed in the run-up to the Collapse in 2008, and Cook definitely doesn't have it, in his DNA. He seems to be a better man. (The kind Peal Jam seemed to be looking for.)
Re: Why?
Most CEOs borrow against their shares to avoid tax - if he does, he'd lose most of it anyway.
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