Apple promoted two of their Senior Vice Presidents last week. Craig Federighi was promoted to Senior Vice President of Mac Software Engineering while Dan Riccio was promoted to Senior Vice President of Hardware Engineering. Not only did these SVPs get a nice promotion, but they also received a pretty big chunk of stock. Over the next four years, both employees will be receiving 75,000 shares of Apple stock according to CNET.
As of now, that’s worth roughly $50.62M. The executives will be receiving their stock in intervals of 25,000 shares over the next four years, with the first chunk of stock to be granted on December 23, 2013. They will receive the other two lump sums on April 23, 2015, and August 23, 2016. If that’s not a good reason to stick with a company, I’m not sure what would be these days.
Huge pay days like this are not too uncommon for senior Apple executives either. In November of 2011, Apple gave 100,000-150,000 shares of stock to other senior executives. At the time this worked out to roughly $60 million to those who received 150,000 shares and $40 million to those who received 150,000 shares.
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