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Apple Paid Former Burberry Boss $73 Million to Become Its Retail Chief

Apple senior executives see their salaries rise with the fortune of the company.

Apple

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.