By Daniel Hunter
Apple’s head of head of retail and online was paid nearly $83 million last year, nine times more than chief executive Tim Cook.
Angela Ahrendts $82.6m pay package compares to the $9.2m earned by Mr Cook last year, according to Bloomberg.
The package did include a signing-on bonus and a ‘make-whole’ grant to pay for bonuses left behind when Ms Ahrendts left Burberry to join Apple.
Apple said Ms Ahrendts was an “extraordinary addition to the company’s executive team with the experience and ability to lead both the retail and online businesses”.
In a filing to the Securities and Exchange Commission (SEC), Apple said: “In determining her transition package, the Compensation Committee considered Ms Ahrendts’ compensation arrangement at Burberry and the amounts that she was expected to receive in future years.
“At the time, Ms Ahrendts was among the highest paid executives in the UK and held unvested Burberry equity awards with a value of approximately $37m. She also received cash and perquisites from Burberry that exceeded $5m annually, which was significantly higher than the cash opportunities provided to the Company’s executive officers.”
Yesterday (Tuesday), shareholders of UK oil firm BG Group criticised the decision to pay new chief executive Helge Lund £25m.