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Tim Cook spurns $75m Apple divvy

Can't be bothered carrying small change

By Anna Leach • In Financial News • At 16:24 GMT 25th May 2012

At a time when Facebook CEO Mark Zuckerberg is coming under flak for his personal gains from Facebook shares, Tim Cook has turned down a $75 million dividend on his Apple shares.

It's the first time since Steve Jobs took over in 1997 that Apple are issuing shareholder dividends. And Cook has offered to forgo the dividends due to him which means that the CEO is passing over a cool $75 million.

In a filing to the SEC financial authority in New York last night, the Senior Vice President of Apple D Bruce Sewell wrote that the Board had approved all dividend pay-outs, except for Cook's:

At Mr. Cook's request, none of his restricted stock units will participate in dividend equivalents. Assuming a quarterly dividend of $2.65 per share over the vesting periods of his 1.125 million outstanding restricted stock units, Mr. Cook will forego approximately $75 million in dividend equivalent value.

Lawks. ®

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