Apple hands out millions to key executives

Steve Dinneen
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APPLE has dished out hundreds of millions to its senior executives in a bid to keep hold of its top staff in the wake of Steve Jobs’ death.

Key men including marketing boss Phil Schiller, chief financial officer Peter Oppenheimer and operations director Jeff Williams will each receive packages worth $60m (£37.4m). The packages are intended to tie them to the firm for the next five years, with half of the stock grants vesting in 2013 and half in 2016.

New Apple chief executive Tim Cook received a package worth around $40m after taking over from Steve Jobs in the summer.

Apple said in a regulatory filing: “The company’s success depends largely on the continued service and availability of key personnel, including its chief executive, its executive team and highly skilled employees.

“Experienced personnel in the technology industry are in high demand and competition for their talents is intense, especially in the Silicon Valley, where most of the company’s key personnel are located.”

Apple announced in September its quarterly revenue rose 39 per cent to $28.27bn, slightly missing forecasts.