Tech

Apple shareholders approve big stock payout for Tim Cook; dividend increase coming

Apple CEO, Tim Cook dinner waves as he opens the door of the newly renovated Apple Retailer at Fifth Avenue on September 20, 2019 in New York Metropolis. (Photograph by Kena Betancur / AFP) (Photograph credit score ought to learn KENA BETANCUR/AFP by way of Getty Photos)

KENA BETANCUR | AFP | Getty Photos

Apple shareholders on Tuesday voted to approve compensation for Apple executives, together with an fairness bundle announced last year that might web CEO Tim Cook dinner 1 million new shares, if the corporate hits sure targets.

The vote was non-binding and advisory. Apple shareholders additionally voted down a shareholder proposal opposed by Apple that may compel the corporate to scale back govt pay in comparison with median Apple worker pay.

The votes, which have been anticipated, are one other signal that Apple’s shareholders are happy with Apple’s administration and CEO. Apple, valued at over $2.1 trillion, lately reported a quarter with $114.four billion in income and gross sales development in each product class, even throughout a pandemic yr.

Apple’s board strongly supported Cook dinner’s pay bundle in a submitting, citing a 867% return to shareholders, together with dividends, from when he took over as Apple CEO in 2011 by September 2020.

Cook dinner additionally stated that Apple deliberate to extend the corporate’s dividend. Dividends totaled over $14 billion within the final 4 quarters, Cook dinner stated. The corporate paid a dividend of $0.205 per share within the final two quarters.

Covid-19 and Apple’s success as a enterprise throughout a pandemic yr was main theme of Cook dinner’s remarks to shareholders. Final yr, Cook dinner stated the pandemic was essentially the most difficult setting Apple’s ever confronted.

“A yr later, you need to pause, and say wow,” Cook dinner stated.

Cook dinner stated in a query and reply session that whereas Apple had tailored effectively to distant work — Apple workers have been working from residence since March — that the corporate nonetheless “cannot wait till we are able to collect collectively within the workplace once more,” suggesting that Apple will nonetheless be office-focused after the pandemic, compared to rival tech firms which have introduced plans to shift to a remote-work mannequin.

Cook dinner stated that one benefit of working from an workplace was serendipitous interactions between workers.

Cook dinner additionally talked about Apple’s acquisitions technique. Cook dinner stated that Apple has acquired 100 firms during the last 6 years. Finally, Apple acquires an organization each three to four weeks, Cook dinner stated, principally geared toward buying expertise and expertise.

In response to a shareholder query about whether or not Apple faces regulatory challenges round its management of the iPhone App Retailer, Cook dinner stated that Apple would not have a monopoly. “Whereas scrutiny is at all times truthful, accusations like these crumble on an affordable examination of the information,” Cook dinner stated.

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