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Apple's SEC filing reveals pay of top execs, retirement of Millard Drexler from board

Apple's SEC filing reveals pay of top execs, retirement of Millard Drexler from board

All Things Apple Inc.
January 23, 2015

Apple has made a filing with the Securities and Exchange Commission (SEC) that, most notably, discloses the compensation of its top executives for 2014 and announces the retirement of one of its board members.

According to the summary compensation table in the filing, Apple CEO Tim Cook earned a total of $9.2 million in 2014, more than double what he received in 2013. Angela Ahrendts, which joined the company as its retail chief last year, earned a staggering $73.3 million. Eddy Cue, SVP of Internet Software and Services, and Jeff Williams, SVP of Operations, each received about $24.4 million.

The table also indicates that Luca Maestri, who became Apple’s CFO last year, got $14 million, while his predecessor, Peter Oppenheimer, got $4.5 million.

As mentioned, Apple’s new SEC filing also divulges the retirement of one of the company’s board members. The prospective retiree in question is Millard Drexler, who is set to retire after the company’s annual shareholder meeting on March 10.

Millard Drexler

Millard Drexler

“On January 16, 2015, Millard ‘Mickey’ Drexler, 70, who has served on the Board since 1999, notified the Board of his intention to retire at the end of his current term, which will expire at the Annual Meeting,” Apple states in the filing. “The Board has not yet nominated an individual to fill the vacancy that will be created by Mr. Drexler’s departure from the Board.”

Drexler is the current chairman and CEO of J.Crew and the former CEO of Gap. As a director at Apple, he played a key role in the initial rollout of the company’s retail stores.

His retirement follows that of Intuit chairman Bill Campbell, who retired from Apple’s board last year after 17 years of service. Campbell was replaced by BlackRock co-founder and CEO Susan Wagner.

Apple also notes in its SEC filing that its net sales in 2014 amounted to $182.8 billion.

It’s set to discuss its earnings for the recently concluded holiday quarter on Tuesday, Jan. 27.

See also: We’re finally hearing more information about the Apple Watch’s battery life, Apple’s App Store is now bigger than Hollywood, and Battle of the iPhones: A Comparison Guide.

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