Tag - Compensation
According to documents filed with the federal Securities and Exchange Commission, Apple CEO Tim Cook earned $10.3 million, which was actually less than most of the other members of Apple's executive team. Cook received his $2 million annual salary, performance bonuses totaling $8 million, and "other"compensation of around $280,000, which may be related to travel and security expenses. The total is approximately $1 million more than he was compensated in 2014, but revenue for the company grew its revenue by $50 billion and net income by $15 billion over the course of fiscal 2015.
Despite a previous dismissal of an earlier version of the lawsuit, a US District Court judge has ruled that Apple must face a trial in a class-action lawsuit over the practice of "bag checks," a standard retail loss-prevention technique that is widespread among retailers. The specific dispute in the case involving Apple was that employees complained they were being detained for up to 15 minutes after their shift had ended, without compensation for the lost time.
While many sufferers would call the move years overdue, Apple has now officially launched a repair program to fix MacBook Pro models sold between February 2011 and February 2013 that exhibited issues with distorted video, loss of video, or unexpected restarts. The program will start tomorrow, February 20 in the US and Canada, and on February 27 in other countries, and will repair the machines at no charge. Additionally, owners who have already paid for repairs may be eligible for compensation.
In a new filing with the SEC, Apple revealed on Thursday that CEO Tim Cook has been able to double his total compensation from that of last year, with the increase based largely on performance bonuses based on how well the company has done over the last year. In addition to $1.75 million in salary, Cook reaped $6.7 million in non-equity incentive compensation for his work. In addition, Apple disclosed in the filing that board member Millard "Mickey" Drexler will retire.
Apple has won in a pair of lawsuits lodged in the summer of 2013 by disgruntled employees that charged the company with a form of "wage theft" by not paying workers while they were being checked during mandatory security and loss-prevention screenings. Citing a Supreme Court decision in a similar case, Federal Court Judge William Alsop ruled that such screenings are not "integral and indispensable" parts of the retail workers' jobs, therefore the plaintiffs were not entitled to compensation for the time spent in such activities.
Though the media generally reports that Apple CEO Tim Cook has "earned" hundreds of millions of dollars in compensation, in fact most of the money attributed to Apple's chief is theoretical, and comes in the form of stock options or Restricted Stock Units -- potential rewards Cook may never see, and won't vest for years to come. For 2013, Cook's actual yearly compensation package totalled $4.3 million, a slight rise from the $4.17 million he made last year, his first full year as CEO.
Silicon Valley companies have long used restricted-stock units and other "equity grants" either as rewards and compensation or as incentive to improve the value of a company. During the dot-com boom of the late 90s, stock options and other similar perks were common. The Wall Street Journal reports on a study by compensation-research firm Equilar that shows that Apple has ended up granting two of the largest equity grants in the history of tech companies.
Apple's CEO Steve Jobs dropped from No. 1 to No. 11 on Forbes' list of Top Paid Tech CEOs, while Larry Ellison (Oracle, $192m), Nabell Gareeb (MEMC Electronic Materials, $80m), John Chambers (Cisco, $55m), Mark Hurd (HP, $28m), Jen-Hsun Huang (Nvidia, $25m) were among the top (respectively). In 2006, Jobs took home a staggering $646 million (mostly bellied by his stock package), while Jobs "only" received $14.6 million in compensation. The publication notes that the percentage of top paid tech CEOs among the top 100 most richly compensated CEOs has decreased considerably and Tech CEOs no longer dominate the latter.
Apple has officially announced its annual meeting of shareholders, where stockowners will elect the company's Board of Directors and ratify the appointment of KPMG LLP as Apple's independent registered public accounting firm for fiscal year 2008. Also on the agenda are considerations for two shareholder proposals, which are listed below. The meeting is scheduled to take place on March 4th at 10:00 a.m. local time in Building 4 on the company's Cupertino campus.
Now AAPL Stock: 100.35 ( -0.06 )
Trade-up program expands in Europe
Smartphone users in France, Italy, and Spain will have until at least August of this year to trade in old iPhone, Windows Phone, or Android models at Apple Stores, and put the reward towards a new iPhone -- thanks to an expansion of Apple's trade-in program into those countries. The money given for the trade-in must be applied towards a new iPhone on a two-year payment plane, and traders must qualify under a credit check as part of the program. Interested customers can apply for the trade-in at their nearest Apple Store. http://bit.ly/1qPsldD
NBCUniversal adds Bravo, Syfy, E! to Apple TV
NBCUniversal has launched three new apps channels for Apple TV users. Bravo Now, Syfy Now and E! Now brings users access full seasons of current and past episodes of most of NBCUniversal's catalog. The Bravo Now app includes shows like "The Real Housewives of New York Cit," "Below Deck Mediterranean," comedy "Odd Mom Out" and "Top Chef." The Syfy Now app offers up shows like "The Magicians," thriller "12 Monkeys" and the reality show "Face Off." The E! Now app serves up shows like "Keeping Up with the Kardashians," "Botched," "#RichKids of Beverly Hills," Caitlyn Jenner's "I Am Cait," and "WAGS." While some content is free, most content requires users to authenticate via their cable satellite or telco TV provider. http://bit.ly/20K4Pea
Apple rolls out Arabic version of Apple.com
Apple has rolled out a new version of its Apple.com website for Arabic language users in the United Arab Emirates. The site utilizes a right-to-left reading format where it has been updated, although the upgrade is still in progress with a number of page links still in the original English language left-to-right format. Of particular note is that the site debuts an all-new custom Arabic font created by the Tarek Atrissi Design agency, giving it a highly contemporary look and feel. The new support for Arabic on its host website follows the introduction of full support for right-to-left languages in iOS 9, and the addition of Arabic support to Siri late last year. http://apple.co/20JHGIM
Adobe previews Photoshop content-aware crop
Adobe has previewed a new 'content-aware crop' feature from the next version of its Photoshop CC. The new feature is similar to its 'content-aware fill' from the current version of Photoshop CC, and potentially saves users time when cropping photos in a way that might otherwise leave blank white space in the frame. Adobe's 'content-aware' tech automatically assesses the blank space and seamlessly fills the blank space with the nearest related content in the space when a photo is expanded or rotated without the need to manually clone that part of the image. The feature allows users to move a horizon by adding more sky or ground, change the aspect ratio by adding content around the edges of the image and fill in the corners of an image when rotated during a crop. Adobe says the feature is coming soon and will be automatically available to Creative Cloud subscribers. http://adobe.ly/20JDFEu
Markzware updates Q2ID for QuarkXPress 12 files
Graphic design file conversion tool maker Markzware has launched a new version of its Q2ID tool. The InDesign plugin enables users to open QuarkXPress files within a new InDesign (INDD) document, without rebuilding the QXP document from scratch -- the new version includes support for QuarkXPress 12 files. Q2ID Subscription members can download the new version as part of their annual plan. A single-user can purchase the plugin for $200, with other licensing options available. http://bit.ly/1Z4dS9t
PopChar X 7.5 arrives
Ergonis Software has released PopChar X 7.5, an improved version of the company's tool for finding and inserting special characters and exploring fonts. PopChar X 7.5 adds support for combined emojis in the Apple Color Emoji font, enhances the "Font Info" view, and adds many further enhancements that improve overall speed and stability. PopChar X 7.5 retails for €30 ($34), and is free for anyone who owns a license for PopChar X 7 or purchased a license for PopChar X 6 on or after March 1, 2014 [4.5MB]
Safari Technology Preview release 5 arrives