Apple boss gets £40m in stock options
US computer firm Apple has granted retail boss Angela Ahrendts up to £40m in stock options as she takes up her new post.
Ms Ahrendts joined the iPhone-maker last week from luxury clothing firm Burberry where she was one of the best-paid executives in the UK.
Her stock award coincided with Apple's share price this week hitting $600 for the first time since the end of October 2012, pushing the value of Ms Ahrendts's options to £40m.
The Indiana-born executive has been granted a maximum of 113,334 restricted stock options, which will transfer to her in a series of payments starting over the next four years.
Around 85% of the shares will be awarded to Ms Ahrendts based on how long she stays with Apple regardless of performance. The remainder will be based on the stock price of the firm.
The first tranche of shares, worth £5.8m, will vest on June 1.
Ms Ahrendts will be Apple's most powerful retail boss, controlling 423 stores and the company's online shopfront.