Tuesday, September 04, 2012, 11:29 pm
Recently promoted Apple execs awarded $50M in stock grantsAs part of their recent promotions to senior vice president status, Apple executives Craig Federighi and Dan Riccio have each received stock grants currently worth well over $50 million.
According to new filings with the U.S. Securities and Exchange Commission, Apple's SVP of Mac Software and Engineering Craig Federighi and SVP of Hardware Engineering Dan Riccio were awarded 75,000 shares of restricted company stock worth $50.62 million at current prices.
The filing, first reported by CNET, specifies the stocks will vest at three separate intervals over the next four years, the first being a batch of 25,000 on Dec. 23, 2013. The remaining units will vest equally on Apr. 23, 2015 and Aug. 23, 2016.
Federighi and Riccio were promoted to Apple's Executive Team in late August, alongside news that formerly retired hardware chief Bob Mansfield would return to the company in an unspecified leadership role.
Apple SVPs Dan Riccio (left) and Craig Federighi (right). | Source: Apple
Also noted in the SEC filing was the sale of 25,000 Apple shares worth approximately $16.6 million by board member Mickey Drexler, who is also the chairman and CEO of J. Crew.
Apple usually offers restricted stock units to its executives as an incentive to remain with the company and to foster consistent performance. In March, Apple CEO Tim Cook, CFO Peter Oppenheimer, and SVP Phil Schiller netted a total of about $150 million in vested stock granted in 2008.
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