Apple shareholders approve massive inventory payout for Tim Cook; dividend improve coming

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Apple CEO, Tim Cook waves as he opens the door of the newly renovated Apple Store at Fifth Avenue on September 20, 2019 in New York City. (Photo by Kena Betancur / AFP) (Photo credit score ought to learn KENA BETANCUR/AFP through Getty Images)

KENA BETANCUR | AFP | Getty Images

Apple shareholders on Tuesday voted to approve compensation for Apple executives, together with an fairness package deal announced final 12 months that would web CEO Tim Cook 1 million new shares, if the corporate hits sure objectives.

The vote was non-binding and advisory. Apple shareholders additionally voted down a shareholder proposal opposed by Apple that might compel the corporate to scale back government pay in comparison with median Apple worker pay.

The votes, which had been anticipated, are one other signal that Apple’s shareholders are glad with Apple’s administration and CEO. Apple, valued at over $2.1 trillion, not too long ago reported 1 / 4 with $114.four billion in income and gross sales progress in each product class, even throughout a pandemic 12 months.

Apple’s board strongly supported Cook’s pay package deal in a submitting, citing a 867% return to shareholders, together with dividends, from when he took over as Apple CEO in 2011 by September 2020.

Cook additionally stated that Apple deliberate to extend the corporate’s dividend. Dividends totaled over $14 billion within the final 4 quarters, Cook stated. The firm paid a dividend of $0.205 per share within the final two quarters.

Covid-19 and Apple’s success as a enterprise throughout a pandemic 12 months was main theme of Cook’s remarks to shareholders. Last 12 months, Cook stated the pandemic was essentially the most difficult surroundings Apple’s ever confronted.

“A year later, you have to pause, and say wow,” Cook stated.

Cook stated in a query and reply session that whereas Apple had tailored nicely to distant work — Apple workers have been working from house since March — that the corporate nonetheless “can’t wait until we can gather together in the office again,” suggesting that Apple will nonetheless be office-focused after the pandemic, compared to rival tech corporations which have introduced plans to shift to a remote-work mannequin.

Cook stated that one benefit of working from an workplace was serendipitous interactions between workers.

Cook additionally talked about Apple’s acquisitions technique. Cook stated that Apple has acquired 100 corporations over the past 6 years. Ultimately, Apple acquires an organization each three to four weeks, Cook stated, largely aimed toward buying expertise and expertise.

In response to a shareholder query about whether or not Apple faces regulatory challenges round its management of the iPhone App Store, Cook stated that Apple would not have a monopoly. “While scrutiny is always fair, accusations like these fall apart on a reasonable examination of the facts,” Cook stated.

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