Big Apple bonus for new retail chief Browett
Former boss of PC World and Currys, John Browett will reportedly receive a hiring bonus of $56 million from global technology products major Apple for taking charge of its retail arm.
The hiring bonus, to be paid over five years in a mix of cash and shares, is at least seven times the remuneration he received at Dixons, according to documents filed with America's stock market watchdog.
Lured from Dixons in February this year, Browett has a tough call to fill up the void left by Ron Johnson - who oversaw a $6.1 billion) sales intake in the final quarter of 2011. The company announced net profits of over $30 billion in its last quarter
Browett, who took charge of 361 Apple stores worldwide, now reports to CEO Tim Cook as Apple's Senior Vice President of Retail.
"Our retail stores are all about customer service, and John shares that commitment like no one else we've met. We are thrilled to have him join our team and bring his incredible retail experience to Apple," said Cook, while announcing Browett's appointment.
The world's largest company by stock market value, Apple has a record of paying senior staff generously.
Cook, who replaced Steve Jobs as chief executive last August, is reportedly sitting on deferred stock worth more than $500 million. Only last week Cook passed up $75 million in dividend payments he was due to receive over the next decade, an action seen as an attempt to set an example to other executives in the company in regards to extra pay.
A series of shareholder revolts in recent months has seen investors overwhelmingly vote against company's pay reports even though boards have argued on the need to offer strong incentives recruit and retain the best talents.
A former management high-flyer at Tesco and Dixon, Browett is credited with the turnaround of both the companies in his stints with them.
Source:United States News.Net
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