Apple executives get millions in bonuses as stock tumbles

By Davey Winder
Wednesday, 01 October 2008 16:34

Market

Not even Apple can escape the fallout from the global economic crisis, with it's shares tumbling this week. That hasn't stopped Apple's executive team reaping in more than 120 million dollars in bonuses though...

Apple cannot be happy right now, what with it seeing shares tumble to the lowest level all year on Monday following the failure of the US bank bailout proposals.

As Stephen Withers reported for iTWire Apple went from a closing price of USD $128.24 on Friday to $104.23 in after-hours trade on Monday, a drop of almost 19 percent.

Still, given that Wall Street saw a record USD $1.2 trillion dollars disappear, the biggest one day plunge in Wall Street history, that is hardly surprising, right?

Indeed, the tech sector plummeted by 9 percent of its combined value the same day. Which makes the timing of the news that Apple executives have been granted more than USD $122 million in bonuses unfortunate to say the least.

The regulatory filings from the Securities and Exchange Commission show that Apple executives have landed those millions in the shape of restricted stock. This in reward for 'current and future efforts.'

Nobody can deny the success of the iPhone, iPod and of course the Mac. But these nine executives getting grants varying in size from 60,000 to 200,000 shares must have the luck of the Irish what with the current economic climates being as it is.

Timothy D. Cook, Chief Operating Office does rather well being on the receiving end of some 200,000 shares worth at least USD $21 million. yes, you did read that right.

So just how much did the rest of the Apple executives get? Find out on page 2...

CONTINUES