If you were offered $3 million every three months, would you take it? Not if your name was Tim Cook and you were the CEO of Apple, according to The Los Angeles Times.

Cook, who became Apple’s top executive in September, will pass up the company’s quarterly dividends. For him, this means forgoing approximately $12 million per year.

Earlier this year, Apple reported they would begin paying dividends by the fourth quarter of $2.65 a share. The Apple CEO currently owns 1.125 million shares of Apple.

Cook’s decision to decline the payments was announced Thursday by the company through an SEC filing.

Personally, I’m impressed with Cook’s decision and think it will go a long way to solidifying his position at Apple.

Do you agree with Cook’s decision?

Source: The Los Angeles Times

Update: Indeed, we got this one wrong. Our original report, in quoting the The Los Angeles Times, stated that Cook said no to $75 million per quarter. As our readers pointed out, those figures were completely wrong. We regret the error and changes to the article have been made.