By Daniel Hunter

Apple will pay the new boss of its retail division $68m, according to the Securities and Exchange Commission (SEC).

Angela Ahrendts, who joins Apple from UK luxury retailer, Burberry, will receive 85% of the 113,334 shares worth $68m (£40m) if she stays with Apple for four years, regardless of performance.

The total pay will be divided across four annual payments. Ms Ahrendts will receive the first, worth $9.8m at Apple’s current share price, on 1 June 2014.

The former Burberry chief executive becomes the first women to become a member of Apple’s board in ten years. She will lead the technology giant’s global retail and online sales operations which employs more than 42,000 people.

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