Tim Cook Gives Up $75 Million in Dividend Income

Poornima Gupta, reporting for Reuters:

Apple Inc. Chief Executive Tim Cook will not be earning dividend income on the more than 1 million shares to which he is entitled, which will cost him about $75 million. Apple said in a filing with the U.S. Securities and Exchange Commission on Thursday that Cook had asked to be excluded from a recently instituted company program through which employees can accumulate dividends on their restricted stock units that are still vesting.

Asked why Cook was doing this, Apple declined to comment beyond the filing.

One can only presume he did this to avoid any suggestion that he instituted the dividend to enrich himself personally.

★ Friday, 25 May 2012