United kingdom Daily news: Ex-Dixons boss John Browett to get Â£36m 'hello' from Apple

Minggu, 27 Mei 2012

Ex-Dixons boss John Browett to get Â£36m 'hello' from Apple

Ex-Dixons boss John Browett to get Â£36m 'hello' from Apple

By Tom Goodenough

PUBLISHED: 10:26 EST, 27 May 2012 | UPDATED: 10:26 EST, 27 May 2012

The former boss of PC World and Currys will reportedly receive a $56million (Â£36million) golden hello from Apple after taking charge of its retail arm.

John Browett was awarded the hefty payout from the technology giant following its poaching of him from Dixons Retail in February.

The payment, which will be staggered over five years and paid in shares, is likely to fuel the debate even further over executive pay.

John Browett, former executive at Tesco and Dixons, received the huge payout after joining Apple in February

The decision to set Mr Browett's salary so high comes after a series of shareholder revolts elsewhere, in which investors have overwhelmingly voted to reject company's pay reports.

But boards have insisted that they must offer strong incentives in a bid to recruit the best talent and remain competitive.

The Sunday Times reported that Mr Browett's annual package will be at least seven times his take-home pay at Dixons, according to documents filed with America's stock market watchdog.

The generous salary is not the first time Apple has been willing to spend vast sums on retaining or attracting senior staff.

Tim Cook, who replaced Steve Jobs as chief executive last August, is said to be sitting on deferred stock worth more than $500million (Â£320 million).

It emerged last week, however, that Cook refused roughly $75million in dividends from over one million shares.

In a filing with the U.S. Securities and Exchange Commission on Thursday, Apple says Mr Cook asked that his restricted stock units not receive dividends.

A recently instituted company program had allowed Apple employees to accumulate dividends on their restricted stock units that are still vesting, according to the company.

Mr Browett, who is now in cha rge of overseeing Apple's 361 stores worldwide was formerly a management high-flyer at Tesco's internet shopping division.

He subsequently joined Dixons at the end of 2007, and overhauled the business after a sustained period of under-performance.

And whilst sales and profits have been under pressure in recent months, Dixons saw off the challenge of US firm Best Buy, which earlier this year shut its 10 'big box' megastores in a joint venture with Carphone Warehouse.

Apple's store are amongst the most profitable retail space in the world, with the operation taking $31 billion in profits during the last three quarters.

Much of the company's revenue has been from the sale of iPhones, iPads and Macs, all of which have proved phenomenally successful.

During the same financial period, 89million iPhones, as well as 38 million iPads, were also sold.