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technology

Apple Gives New Retail Head Stock Grants Worth About $8 Million

Apple Gives New Retail Head Stock Grants Worth About $8 Million

Deirdre O’Brien
Deirdre O’Brien Source: Apple Inc.
Deirdre O’Brien
Source: Apple Inc.

Apple Inc. awarded Deirdre O’Brien restricted stock grants upon her promotion this week to retail chief that would be valued at more than $8 million based on Thursday’s closing price.

The Cupertino, California-based technology giant gave O’Brien two sets of 23,922 restricted stock units -- one group that will vest across three years beginning Aug. 5, 2021, and the other based on the company’s performance that may vest on Oct. 1, 2021, according to a regulatory filing. Each set is worth about $4.1 million based on Apple’s stock price of $170.94 at Thursday’s close.

O’Brien has worked at Apple in various roles for about 30 years, including as head of human resources since July 2017. She has been granted a total of 108,963 shares since 2015, which vest through October 2022, according to a separate filing. Those equity units are worth a total of $18.6 million based on Thursday’s closing share price.

Former retail chief Angela Ahrendts was awarded stock grants worth about $68 million when she joined Apple in 2014 from Burberry Group Plc. However, that included a signing bonus as part of hiring her away from the fashion giant. Over her five-year career at Apple, Ahrendts was paid at least $170 million, including salary, bonuses, and vested stock awards, according to data compiled by Bloomberg.

O’Brien was named the company’s new retail head on Tuesday. Apple said that Ahrendts was departing in April for new “personal and professional pursuits,” though her exit comes as the company is struggling with slowing iPhone sales. In an interview Thursday with fashion website WWD, Ahrendts said she plans to “take the summer off” and travel. She didn’t indicate if she has a new job.

— With assistance by Anders Melin