Apple’s brand new board member, ‘Avon lady’ Andrea Jung, has secured an initial compensation package of 30,000 Apple shares, alongside a $50,000/annum annual retainer.
Jung received an automatic stock option grant to purchase 30,000 shares of the Company's common stock, to which all new non-employee directors are entitled under Apple’s 1997 stock options plan.
The automatic stock option grant will become exercisable in equal installments on each of the first three anniversaries of the grant date, Apple reports in its latest regulatory filing (Form 8K).
After her third anniversary, Jung will receive an automatic stock option grant to acquire 10,000 more shares on an annual basis. The terms of Apple’s deal with Jung are identical to those it has engaged in in the past when admitting new directors to its board.
News that Apple has bought Avon CEO Andrea Jung onto its board has sparked a wave of speculation at what the direct sales specialist – one of the most powerful female business leaders in the US – can bring to the team.
Many commentators now predict Jung’s skills will be used to expand Apple’s reach in the huge Chinese market, which has been termed a “billion dollar opportunity” for the firm.