updated 10:20 am EDT, Wed April 25, 2012
Stocks currently valued over $56 million
Apple's new senior VP of retail, John Browett, has been granted 100,000 shares in company stock. Browett began his job on April 20th, the date the shares were granted as well. A Securities and Exchange Commission filing shows that the stock is set to vest over the course of five years: 5,000 shares will be available on October 20th, followed by another 15,000 on the first anniversary of his employment, and repeating increments of 20,000 on each subsequent anniversary.
Based on yesterday's closing price the stock would be worth about $56,028,000. Browett is replacing long-time retail head Ron Johnson, who actually left Apple in November, but without a replacement lined up. Browett was previously the CEO of major UK retailer Dixons.
Apple regularly uses delayed stock grants to ensure the loyalty of top executives. This includes CEO Tim Cook, who won't get the full benefit of his shares unless he stays with the company for 10 years.