Apple is requiring chief executive Tim Cook to hold 10 times his base salary in stock under a corporate-governance measure released this month.
Executive officers must own triple their base salary in stock, according to ownership guidelines posted on the company’s website. Non-employee directors need to hold five times their annual retainer in stock.
Apple has traditionally used restricted stock units to retain senior executives, and gave Mr Cook one million of the shares when he took over as CEO from co-founder Steve Jobs in 2011.
Apple’s shares have lost more than a third of their value since hitting a record high in September on concern that demand for iPhones is ebbing.
Mr Cook faces mounting pressure from investors to return more of Apple’s $137.1 billion in cash and investments to shareholders. – (Bloomberg)
