Apple's new retail chief now on the job, with $61M in stock
John Browett is now officially on the job, according to a new SEC filing, and Apple has given him 61 million reasons to stay there.
Apple's latest senior vice president of retail, has started his gig at the company -- and John Browett has a stock compensation package designed to keep him there
According to a new SEC filing today, first spotted by Macrumors, Browett officially started last Friday. As part of his welcome package, Browett picked up 100,000 shares of restricted company stock. The first of the bunch are 5,000 that vest on October 20, with another 15,000 units vesting next April to coincide with the one-year anniversary of his start date. After that, the rest of the shares vest on an annual basis, at 20,000 units per year, according to the form.
Were Browett to cash them all in today -- which he can't -- the package would be worth about $61 million at Apple's closing price today of $610.
While Browett may have officially started with the company just last week, he was spotted doing some Apple-related work last month. During the iPad's launch in March, for instance, CNET ran into Browett walking by the line of shoppers while speaking to Steve Cano, Apple's manager of retail stores.
Browett's compensation package is similar to that of CEO Tim Cook and other Apple executives, with an aim towrd keeping them in place over the long haul. Cook's, of course, is larger in dollar term and in scope. After taking the helm as CEO, Apple's board awarded Cook 1 million restricted stock units on top of his existing salary, half of which vests in 2016, with the other half in 2021.
Browett joined Apple from European technology retailer Dixons. He replaced Ron Johnson, who last year left Apple to become the CEO of retailer J.C. Penney.