Apple’s New Hardware Chief Johny Srouji Awarded Nearly $10 Million in Stock

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.

Tags: AAPL, Johny Srouji, SEC, RSUs
Discuss this article in our forums

Прочетете повече

Tim Cook’s ‘Mad Money’ email may have violated SEC rules

Apple stock plummeted Monday morning before Tim Cook stepped in by emailing Mad Money‘s Jim Cramer to reassure investors that all is well for Apple in China. The move quickly turned Apple’s stock price around, but Tim Cook may have violated SEC rules in the process. Cook’s unusual mid-quarter update may have possibly violated the […]

Прочетете повече

Apple CEO Tim Cook Earned $9.2M in Fiscal 2014, Doubling 2013 Compensation

Apple CEO Tim Cook’s compensation for fiscal 2014 was $9.22 million, according to a newly released SEC filing. That breaks down to a salary of $1.7 million and non-equity incentive compensation of $6.7 million, double the $4.3M compensation he received in 2013.

Apple’s newest executive hire, Angela Ahrendts, received $73 million in cash and stock. That includes a $400,000 salary, a $500,000 bonus, and $70 million in stock. Ahrendts, who joined Apple in May of 2014, was previously making $37 million at Burberry, and her offer package included an RSU award with a value of $37 million to compensate her for her unvested Burberry awards along with an RSU award of $33 million as a new Apple hire.

As for other Apple executives, Eddy Cue and Jeff Williams made over $24 million in stock awards, salary, and non-equity incentive plan compensation. Peter Oppenheimer earned $4.5 million, and Luca Maestri, Apple’s new CFO, received $14 million.

Apple had a record year under the guidance of Tim Cook, generating $182.8 billion in sales with $38.5 billion in net income in fiscal 2014, a new high for the company. According to its October forecast Apple expects to see revenue between $63.5 and $66.5 billion for the first quarter of 2015.

Apple will announce its earnings for the first fiscal quarter of 2015 on Monday, January 27. MacRumors will provide live coverage of both the earnings release and the conference call.




Прочетете повече

SEC Investigating GT Advanced’s Trading Activity

It appears the United States Securities and Exchange Commission has launched an inquiry into GT Advanced’s trading activity, according to a new filing released today.

The SEC sent a letter to GT Advanced on October 15, letting the company know that it was seeking „certain information regarding trading activity in the Company’s securities,“ along with more information on its sapphire business and securities offering dating back to January 1, 2013.

Shortly after GT Advanced filed for Chapter 11 bankruptcy protection, it became clear that GT’s CEO Thomas Gutierrez and COO Daniel Squiller had been selling off large amounts of stock, with some of the plans put in place just after production troubles surfaced in February 2014.

Gutierrez sold off 9,000 shares of GT Advanced stock a day before the iPhone 6 was announced as part of a pre-arranged Rule 10b5-1 Plan enacted in March. He earned $160,000 from that particular sale, but had also sold shares on several other occasions in 2014, netting more than 10 million dollars. Comparatively, Gutierrez sold no stock in 2013, ahead of the company’s Apple deal.

Squiller sold $1.2 million worth of stock in May, and made plans to sell off additional shares throughout 2014, garnering an additional $750,000 before the company’s October bankruptcy filing, and it appears that the well-timed divestitures have roused suspicion with the SEC.

After GT Advanced inked a deal with Apple in 2013, its stock began to rise significantly on rumors suggesting Apple would use the company’s sapphire in its iPhone 6 and 6 Plus. Stock prices went on to fall more than 1/3 in September after it became clear Apple had not opted to use sapphire for the devices.

According to court documents and leaked information, the deal between Apple and GT Advanced soured over the latter company’s inability to hit necessary milestones and the strict contract terms that Apple imposed on GT. Additional court documents were recently unsealed, and new details on the relationship could come to light as soon as tomorrow.

The two companies have already signed an agreement to dissolve their relationship, with GT Advanced planning to decommission and sell off furnaces to repay the $440 million it was loaned from Apple. GT has already begun shutting down its Arizona plant, with a final shutdown planned for December 31.




Прочетете повече

SEC and Longhorn Networks Added to ‘WatchESPN’ Apple TV Channel [Mac Blog]

Alongside the new NFL Now channel on the Apple TV debuting today, ESPN has also expanded its WatchESPN channel to include support for college sports with the SEC Network and Longhorn Network.

The SEC Network is a brand-new television network created through a partnership between the Southeastern Conference and ESPN. The network launched last week ahead of the 2014 college football season with plans to cover at least 1000 live events per year from the conference’s 21 sports. The network consists of a standard SEC Network channel, which mirrors featured content from the SEC Network television channel, as well as an SEC Network + channel with additional coverage.

The Longhorn Network is focused solely on the University of Texas at Austin athletic program and is also produced in partnership with ESPN. The network is entering its fourth year of availability, but has just been added to the WatchESPN online service this season.

Both networks were added to the WatchESPN iOS app last week, but it has taken a few extra days to make their way to the Apple TV channel. Access to the content is limited to those who have television subscription packages that include the corresponding channels.




Прочетете повече

Apple’s Quarterly Spending Points to Major Product Launches, Significant Revenue Growth

Looking at Apple’s quarterly SEC quarterly filing, Katy Huberty of Morgan Stanley believes Apple’s revenue is poised to explode in the coming quarters. Huberty based her prediction on increases in Apple’s off-balance sheet commitments, which have a historical correlation with revenue growth.

Off-balance sheet commitments are those investments in components and services that are involved in the mass production and launch of new devices. These line items include component purchases, manufacturing process equipment investments, advertising, and other services. Huberty notes that Apple’s total spending in these areas has climbed 46 percent yearly and 36 percent quarterly in fiscal Q3 2014, making last quarter’s jump the largest spending increase since Apple first launched the iPhone in 2007.

Huberty, not surprisingly, attributes this spending increase to Apple’s iPhone 6 and iWatch wearable, both of which are expected to launch later this year. These new products, along with services such as mobile payments, could accelerate growth and boost margins.

Apple has the opportunity to take share in slower growth smartphone and tablet markets with larger screens and new services. New product categories like iWatch, and services like payments could further boost growth.

Apple is rumored to be launching its next-generation iPhone 6, refreshed iPad models and a new iWatch smartwatch later this year. The company may also update its Mac hardware to coincide with the debut of OS X Yosemite.




Прочетете повече