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Former Burberry boss Angela Ahrendts collected some lovely welcoming gifts in her new role overseeing Apple’s retail operations — a compensation package valued at $73.4 million, according to regulatory filings.
Ahrendts, 54, received the most lucrative pay package of any Apple executive last year, based on a filing Thursday with the U.S. Securities and Exchange Commission.
Her compensation dwarfed that of all the other named executives at Apple and outpaced the next highest-paid executive, media boss Eddy Cue, by $48.9 million. Ahrendts’ deal highlights the importance of Apple’s lucrative retail operations.
Apple also notes that Ahrendts was among the highest-paid executives in the U.K. When she decided to leave her job at the luxury retailer, she left unvested stock awards worth approximately $37 million (as well as cash and perquisites that exceeded $5 million a year).
The Cupertino technology giant said its 2014 compensation package was designed to make Ahrendts whole financially — and successfully recruit an executive who, during her tenure at Burberry, led the company through a turnaround in which its market capitalization more than doubled.
Since joining the company in May, Ahrendts has collected some $70 million in stock grants from Apple — $37 million to compensate her for the value of the Burberry stock that she walked away from in accepting the Apple job, plus a new-hire stock allocation valued at $33 million — 40 percent of which is performance based, with the rest vesting over three years.
She also pocketed a $500,000 cash bonus and relocation expenses totaling $457,615.
Apple said it departed from its usual practice and extended Ahrendts a severance agreement that, upon termination, would pay a lump sum equivalent to the base salary she would have collected for the remainder of the three-year period.
The retail chief receives an annual salary of $1 million, plus bonuses, similar to that of other senior executives.
Apple Chief Executive Tim Cook, meanwhile, saw his total compensation rise to $9.2 million, more than double the $4.2 million value of the pay, bonuses and stock he received 2013.
Lieutenants Cue and Jeff Williams, head of operations, both received total compensation worth more than $24.4 million.
Luca Maestri, who was named chief financial officer last year, collected a compensation package valued at $14 million that included an $11.3 million stock award.
This article originally appeared on Recode.net.
