WASHINGTON — Apple CEO Tim Cook is proving himself as much a master of employee and investor relations as he is of operational efficiency.
His decisions to create a charitable matching program for Apple employees and to grant a long-pined-for dividend to company’s shareholders have won him a lot of favor among both groups, while putting his own stamp on Apple.
Now he has made another move for which he is likely to win accolades — Cook is forgoing a $75 million dividend to which he is entitled.
In a US Securities and Exchange Commission (SEC) filing Thursday, Apple announced plans to award a $2.65-a-share quarterly dividend on restricted stock units held by its employees — but Cook is passing it up.
“At Mr. Cook’s request, none of his restricted stock units will participate in dividend equivalents. Assuming a quarterly dividend of $2.65 per share over the vesting periods of his 1.125 million outstanding restricted stock units, Mr. Cook will forego approximately $75 million in dividend equivalent value,” Apple said.
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