Apple CEO Tim Cook Turns Down $75 Million Dividend
In a recent SEC filing it has been revealed that Apple’s new CEO, Tim Cook, has turned down a dividend worth $75 million US dollars, the details were revealed in a filing which announced that Apple plans to award a $2.65 a share quarterly dividend on restricted stock which is held by Apple employees.
The Apple CEO has decided that he does not want to receive the dividend on his restricted stock, which would be worth around $75 million to him.
“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.”
It doubt there are many CEO’s out there that would turn down the offer of $75 million in cash, which he was entitled to, although his overall shareholding in Apple is worth considerably more than the $75 million so he can probably afford to not take the dividend.
Source All Things D