We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
80,258 News Articles

New Apple boss reaps £36m bonus

British retail chief John Browett sees earnings soar

Apple's senior vice president of retail John Browett, previously CEO of tech retailer Dixons and PC World, will receive a £36m ($56m) bonus from Apple.

Browett, who was CEO of Dixons since 2007 earning £1m in 2011, reports directly to Apple’s CEO Tim Cook, who last week declined £48m ($75m) in dividend payments he was due to receive over the next 10 years in order to “set an example” on executive pay.

See also: Apple A-Z

Browett serves on Apple’s executive team, overseeing the company's retail strategy and worldwide expansion of Apple retail stores.

Prior to joining Dixons Retail, Browett was CEO of Tesco.com. Earlier in his career he advised retail and consumer goods clients at Boston Consulting Group.

Apple news, reviews and tutorials

Browett’s £36m payment will be made in shares over five years.

His annual shares award for the next five years are worth more than $11m, depending on Apple's share price. His salary is undisclosed.

At Dixons Browett earned a base salary of £676,000 last year, with a further £354,000 in bonuses, prension and other perks.

Tim Cook and John Browett Apple execs

Cook is believed to have more than $500m in deferred Apple stock. Some financial analysts believe Apple's share price may rise above $1,000.

Browett joined Apple in April 2012, replacing the successful Steve Jobs hire Ron Johnson, who left Apple a year ago to take charge of struggling US department store JC Penney

In Q4 2011 Apple’s 361 retail stores – very different from the UK’s Dixons, PC World and Currys stores run by Browett – took nearly £4 bilion ($6.1bn) in sales of iPhones, iPads, iPods and Macs, and some third-party goods.

Browett is the second Brit in Apple’s senior ranks of Apple, alongside London-born design chief Jonathan Ive, who was last week knighted for services to design.

IDG UK Sites

Best camera phone of 2015: iPhone 6 Plus vs LG G4 vs Galaxy S6 vs One M9 vs Nexus 6

IDG UK Sites

In defence of BlackBerrys

IDG UK Sites

Why we should reserve judgement on Apple ditching Helvetica in OS X/iOS for the Apple Watch's San...

IDG UK Sites

Retina 3.3GHz iMac 27in preview: Apple cuts £400 of price of Retina iMac with new model