Analysts may be tripping over one another to proclaim the sky is falling for Apple, but apparently no-one told hedge fund managers because (surprise, surprise!) it turns out they’re not in a hurry to get rid of their AAPL stock at all. Far from it, in fact. According to disclosures made with the Securities and […]
Apple’s newly promoted Senior Vice President of Hardware Technologies Johny Srouji was awarded 90,270 restricted stock units on October 5, 2015, according to a recent filing with the U.S. Securities and Exchange Commission. The RSUs awarded vest 12.5% in semi-annual installments over a four year period ending October 2019.
Srouji now has a total of 217,305 RSUs and 101,881 common stock units, which together amount to just over $34 million at AAPL’s current trading price of around $107 per share. The latest batch of 90,270 RSUs are currently valued at approximately $9.6 million.
Apple often rewards high-level executives with RSUs based on their performance. In August, for example, Apple CEO Tim Cook and Senior Vice President of Internet Software and Services Eddy Cue received 560,000 and 350,000 RSUs respectively worth over $97 million combined. Apple retail chief Angela Ahrendts also received 113,334 RSUs as a signing bonus upon joining Apple in May 2014.
Srouji was promoted to Senior Vice President of Hardware Technologies on December 17, as part of a larger executive team makeover that saw Jeff Williams promoted to COO and marketing chief Phil Schiller take over App Store leadership across all Apple platforms. Tor Myhren, chief creative officer at ad agency Grey, will also join Apple in early 2016 as Vice President of Marketing Communications.
Srouji joined Apple in 2008 to lead development of the A4 chip for iPhone 4, and he now oversees silicon and hardware technologies, including batteries, application processors, storage controllers, sensors silicon, display silicon and other chipsets across Apple’s entire product line. Prior to Apple, he held senior positions at Intel and IBM in the areas of processor development and design.
Apple has dropped a big new update on Mac users today with the release of OS X El Capitan 10.11.2. This is the second big update for El Capitan since the desktop operating system was made public two months ago. OS X 10.11.2 brings with it a number of stability and security improvements for Mac, […]
Instead of standing in line after Thanksgiving, get your productivity in line with these massively discounted apps for organizing any Mac. Everything from tuning your hard drive to editing PDFs and creating mixtapes and animations, if you work on a computer there’s something you can use, all for just $39.99. Here’s some of what’s included: […]
Ever wanted to see a chart depicting Apple’s perilous decline from the moment Tim Cook took over as CEO until now? Well, you’ll just have to keep on looking, because this particular infographic shows nothing of the sort. Instead, this spectacular infographic visualizes the year-on-year growth of Apple’s iPhone business, from a “puny” 1.36 million units […]
Apple has issued an internal notice about a new Quality Program that addresses anti-reflective coating issues on MacBook and MacBook Pro models with Retina displays. These issues include the anti-reflective coating on displays wearing off or delaminating under certain circumstances.
Apple will replace affected Retina displays at no cost for MacBook or MacBook Pro models with Retina displays within three years from the date of original purchase, or one year from October 16, 2015, whichever is longer. Affected customers that have already incurred out-of-warranty costs may be eligible for a refund through AppleCare support.
Affected customers can book an appointment with a Genius Bar or visit an Apple Authorized Service Provider to determine if their MacBook is eligible for coverage. Apple will not be posting the new Quality Program publicly on its support website, but should contact some potentially affected customers directly, according to sources.
MacRumors first reported on the problem in March, and it has since grown to affect thousands of customers on the Apple Support Communities, Facebook and our own discussion forums. Nearly 6,000 affected customers have also joined an online database called Staingate, sharing pictures of their damaged displays, while thousands of others have signed a Change.org petition.
The anti-reflective coating wearing off or delaminating has resulted from various circumstances, including the pressure of the MacBook keyboard and trackpad on the display when closed, and the use of incorrect third-party cleaning solutions with microfiber cloths. The issue often affects small areas of the screen, but sometimes encompasses the entire display.
Leading up to the launch of this Quality Program, some MacBook Pro owners covered under AppleCare have been able to get their notebook repaired through the Genius Bar with no charge, while others have been told that cosmetic damage is not covered under warranty and offered to have their notebooks repaired for a service charge costing hundreds of dollars.
Apple has launched similar Quality Programs in recent years based on common problems identified by Apple engineers. Apple offers public-facing Exchange and Repair Extension Programs for larger problems, such as the iSight Camera Replacement Program for iPhone 6 Plus, Beats Pill XL Speaker Recall Program and iPhone 5 Sleep/Wake Button Replacement Program.
Halo 5 Limited Edition owners seeking a physical copy to attend to their figurines and impressive packaging can now exchange their digital download for a physical disk. Read more…
Microsoft has announced that Outlook users will soon be able to „like“ conversations and use @Mentions to send emails on its web version, while the desktop clients will get the features a bit later. Read more…
Apple CEO Tim Cook and Senior Vice President Eddy Cue received 560,000 and 350,000 restricted stock units respectively this week, worth a combined $93.8 million based on AAPL’s closing price of $103.12 on Monday, according to a pair of filings with the U.S. Securities and Exchange Commission.
Tim Cook and Eddy Cue at an Apple Store in 2014 (Image: Bloomberg)
Cook was awarded with 280,000 performance-based restricted stock units in full based on Apple’s performance relative to the other companies in the S&P 500 over a two-year period ending August 24. Apple needed to achieve a total shareholder return (TSR) of at least 41.36% to place in the top third of companies in the index, and Apple’s TSR for the two-year period was 76.76%.
Cook and Cue did not sell any of their RSUs, although 290,836 and 171,853 shares were withheld by Apple respectively to satisfy the minimum statutory tax withholding requirements on vesting of RSUs. Cue transferred his remaining 178,147 shares that vested to a family trust, and he has now been awarded all 700,000 shares granted to him on September 2, 2011.
Cook has a remaining 4.76 million RSUs scheduled to vest as follows per the SEC filing:
700,000 RSUs on August 24, 2016; 700,000 RSUs on August 24, 2021; 1,680,000 vest in six equal annual installments commencing August 24, 2016; the remaining 1,680,000 are all subject to performance based vesting requirements and will potentially vest in six annual installments commencing August 24, 2016.
Cook must remain employed at Apple to receive his unvested RSUs on their applicable vesting dates.
Nearly three years after the Merchant Customer Exchange (MCX) was founded in August 2012, several U.S. retailers and restaurants belonging to the consortium will begin publicly testing their Apple Pay rival CurrentC in Columbus, Ohio over the coming weeks, according to The Wall Street Journal.
CurrentC is a mobile payments solution that requires scanning a QR code with a smartphone for contactless payment from a checking account, gift card or private label debit or credit card. The service does not currently accept major bank-issued credit cards such as Visa or MasterCard as retailers look to avoid costly fees.
Public testing of CurrentC is set to begin just as MCX’s three-year exclusivity window expires this week, allowing retailers to explore other mobile payment solutions. Yesterday, MCX member Rite Aid reversed course and will begin accepting Apple Pay and Google Wallet on August 15, in addition to Android Pay when available.
Best Buy, a founding member of MCX, also began accepting Apple Pay for in-app purchases in April and announced that full Apple Pay support is coming to Best Buy stores in the U.S. later in 2015. The electronics retailer will be monitoring CurrentC’s limited trial run but has not confirmed that it will be implementing the platform in stores.
Other MCX members include 7-Eleven, Alon Brands, CVS, Darden Restaurants, HMSHost, Hy-Vee, Lowe’s, Michaels, Publix, Sears, Shell, Sunoco, Target and Walmart, some of which have confirmed plans to launch CurrentC in the future. Other retailers remain in the process of exploring contactless payment solutions or installing the necessary infrastructure to support smartphone-based transactions.