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Apple CEO Tim Cook rejects $75 million bonus

May 25, 2012 By: Dr Search Principal Consultant at the Search Clinic Category: Apple, Ecommerce, Technology Companies, Uncategorized

Apple’s CEO Tim Cook has turned down a bonus payout worth about $75 million (£48 million).Apple CEO Tim Cook rejects $75 million bonusThe technology company will pay a quarterly dividend of $2.65 per share from July, the first time Apple Inc has declared a dividend since 1995.

But a regulatory filing with the Securities and Exchange Commission revealed that Mr Cook will not take up his dividends.

A newspaper recently said that Mr Cook was the highest paid boss in the US with an income of more than $300 million.

“At Mr Cook’s request, none of his restricted stock units will participate in dividend equivalents,” the filing said. It did not say why.

According to the Wall Street Journal, Mr Cook made £245 milion ($378 million) last year, most of which came from a grant of one million shares awarded.

His base salary is £580,000 ($900,000). His predecessor, Steve Jobs, famously had an annual salary of $1.

Apple has about £71 billion ($110 billion) in cash.

In March, the technology company said it would use its cash to start paying a dividend to shareholders and to buy back some of its shares.

It expects to pay out £29 billion ($45 billion) over the next three years.

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