Business Technology

Saturday 24 March 2018

Apple chief Tim Cook gives up $75m dividend payments

Apple chief executive Tim Cook. Photo: Getty Images
Apple chief executive Tim Cook. Photo: Getty Images

APPLE chief executive Tim Cook will forgo $75m in dividend payments he would get for the more than 1m shares he is to receive over the next decade.

Apple said in a filing with the US Securities and Exchange Commission that Mr Cook had asked to be excluded from a recently instituted company program through which employees can accumulate dividends on their restricted stock units that are still vesting.

Asked why Mr Cook was doing this, Apple declined to comment beyond the filing.

Mr Cook, who took over as chief executive from late co-founder Steve Jobs in August, has 1.125m outstanding restricted Apple shares that are vesting over the next 10 years.

In January, Apple's board granted Mr Cook 1m restricted stock units for running the company during Mr Jobs' medical leaves and as a retention tool. Half of those units are due to vest in 2016 and the remainder are due to vest in 2021.

Apple said in March that it would pay a cash dividend of $2.65 per share to its shareholders.

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