Apple chief Tim Cook says he feels anger of shareholders

City A.M. Reporter
APPLE chief executive Tim Cook yesterday acknowledged widespread disappointment in the company's sagging share price as at least one third of Apple’s shareholders moved against the company’s executive pay packages.

A declining share price has lent weight to Wall Street's demand that it share more of its $137bn (£90bn) in cash and securities pile - equivalent to Hungary's Gross Domestic Product, and growing - a debate now spearheaded by outspoken hedge fund manager David Einhorn.

Einhorn was not spotted at the meeting at the company's headquarters at 1 Infinite Loop in California.

Cook repeated that the company's board remained in “very very active” discussions about options for cash sharing, and said he shared investors' dissatisfaction over the stock price.

“I don't like it either. The board doesn't like it. The management team doesn't like it,” Cook told investors.

“What we are focused on is the long term. This has always been a secret of Apple.”

Cook got a 51 per cent increase in pay to $1.4m in base salary.

Related articles