Apple chief executive Tim Cook has opted to forgo the USD75 million dividend payments that the was set to earn on the one million shares he had received from the company. Cook, who took over from Apple's late co-founder Steve Jobs in August last year, was awarded one million restricted stock units (RSUs) for running the company during Jobs medical leaves.
Apple said in a filing with the US Securities and Exchange Commission Cook had asked the company to be excluded from a program through which employees could accumulate dividends on their RSUs that were still vesting. With Apple's share price at more than USD 565 a share, Cook's shares are worth more than USD 500 million. Half of these shares will vest in 2016 and the rest in 2021.
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