In her first year of work as Apple’s head of retail, ex-Burberry CEO Angela Ahrendts took home a cool $73.4 million in 2014.
This is almost eight times the compensation given to Apple CEO Tim Cook, who pocketed a hefty $9.2 million, more than double the $4.2 million value of the pay and stock he received in 2013.
According to a filing last week with the US Securities and Exchange Commission, Ahrendts was the highest-paid executive at the company, with almost all of her earnings in stock awards.
She was brought to Apple to oversee the expansion of the tech giant’s online and retail stores, with a view to expanding in China. Her fashion experience was also seen as valuable with the development of the Apple iWatch.
While she earns a basic salary of $440,000 at Apple, when she left her job at luxury retailer Burberry she left unvested stock awards worth about $37 million, something Apple compensated her for.
So since joining the company in May, she’s collected $70 million in stock grants from Apple – $37 million to compensate her for the value of the Burberry stock she left, plus a new-hire stock allocation valued at $33 million.
Ahrendts, 54, also took home a cool $500,000 cash bonus and relocation expenses totalling $457,615.
Apple explained the high pay cheque in the SEC filing:
“The recruitment of Ms. Ahrendts provided an extraordinary addition to the Company’s executive team with the experience and ability to lead both the retail and online businesses,” the company wrote.
“In determining her transition package, the Compensation Committee considered Ms. Ahrendts’ compensation arrangement at Burberry and the amounts that she was expected to receive in future years. At the time, Ms. Ahrendts was among the highest paid executives in the U.K and held unvested Burberry equity awards with a value of approximately $37 million.”
Ahrendts has reportedly said that five new Apple Retail Stores will open in China early this year, and that 200 Apple retail workers from the U.S will move to China to help build its stores in the region.
There’s also talk of new Apple Store employee attire, with Ahrendts believing blue collared shirts with the Apple logo printed to the side will be a more professional look than the current work t-shirts.
Main pic: Angela Ahrendts, via Twitter.