Apple Awards Retention Bonuses to Key Executives

Apple has offered a sweet deal to its top executives to entice them to stay in the wake of Steve Jobs’s death

In filings with the Securities and Exchange Commission, the company revealed it has offered stock grants worth nearly $60 million each  to Scott Forstall (SVP, iOS), Robert Mansfield (SVP, Hardware Engineering), Peter Oppenheimer (CFO), Phil Schiller (SVP, Marketing), Jeffrey Williams (SVP, Operations) and Bruce Sewell (SVP, General Counsel).

Each received 150,000 restricted stock units, with half the shares to vest on June 21, 2013, and the other half to vest on March 21, 2016. That means they’d have to stay with the company nearly five years to get the full amount.

Eddy Cue, SVP of Internet Software and Services, received 100,000 options, but had already been given 100,000 when he was promoted to the position in September, ashable reports.  His shares vest on a different schedule, culminating in 2016. Mashable readers pointed out that Jony Ive, Apple’s SVP of Industrial Design, wasn’t mentioned in the award, though Mashable says he might also have received a bonus which didn’t require reporting.

New CEO Tim Cook, who has been revealing his own leadership style, was awarded a million shares when he took the top job. Those vest on a 10-year schedule.