Two newly promoted Apple execs have been granted stock worth $50 million.
New senior vice president of Mac Software and Engineering Craig Federighi and Dan Riccio, senior vice president of Hardware Engineering were awarded restricted stock worth $50.62 million at today’s prices.
However, the two execs cannot vest the 75,000 shares yet. The stocks will vest on three separate occasions over the next four years. The first batch of 25,000 will vest on 23 December 2013, any would be worth around $16.87 million, not a bad Christmas bonus. The other batches of shares will vest in April 2015 and August 2016 - an excellent incentive to stay at the company.
The news emerged from filings with the US Securities and Exchange Commission, identified by Cnet.
The promotion of Federighi and Riccio was announced at the end of August along with news that Bob Mansfield - the senior vice president of hardware engineering who announced his retirement in June - will remain on at the company, reporting to Cook and working on "future products." Mansfield's new title was not specified. Federighi fills the role vacated by former Mac software chief Bertrand Serlet, who departed last year. Riccio, who headed up iPad hardware engineering and reported to Mansfield, is now responsible for all of Apple's hardware engineering teams for Macs, iPhones, iPads, and iPods. Both Federighi and Dan Riccio will report directly to CEO Tim Cook.