Apple’s New Vice President Of Retail Starts Job
In February 2012, we reported that John Browett had been appointed as the new Vice President of Retails at Apple Inc. Now Browett has taken his position.
Yes! Apple’s new senior vice president of retail, John Browett, has officially started working. He has received a lottery-like lump sum of stock options for his troubles.
Browett is only days into his official tenure at Apple and is already $61 million richer. This is because the part of his welcoming package includes 100,000 shares of restricted company stock. The first 5,000 of Browett’s shares will vest on 20 October 2012, with an additional 15,000 shares vesting April 2013 to coincide with his one-year anniversary at the company. Browett will have the rest of his shares vested annually to the tune of 20,000 shares a year according to a pair of filings that were made with the Securities and Exchange Commission this week.
While that $61 million in shares cannot be cashed right now, with the way Apple’s quarterly reports continue to beat estimates, that $61 million will likely be worth a lot more by the time all 100,000 shares are vested.