Apple’s New Corporate Controller Luca Maestri Receives Stock Rights Worth $15 Million

Posted on Apr 27 2013 - 12:05pm by John Crozier

 

Luca Maestri

Mr Luca Maestri

Apples newly appointed  Corporate Controller Mr Luca Maestri is now the proud new owner of $15 million in restricted stock options. Before Mr Maestri began his new job at Apple he worker at Xerox as their Chief Financial Officer (CFO) and before that he worked at Nokia siemens and General Motors. He knows a thing or two about how to keep a companies accounts in order.

The Stock

Luca Maestri joined the Apple team earlier this year in February, a filing with the U.S. Securities and Exchange Commission who published figures that Luca Maestri received 38,091 (RUS) restricted stock units which equates to $15 million earlier today. 

The restricted stock units are often issued to staff as incentives to stay with the company since it seems that there has been a lot of talent poaching going on in Silicon Valley lately, rumour has it that is getting a lot easier now to poach the prime talent from Apple. Only last week there was news of Facebook hiring Richard Williamson ex-Apple maps executive.

When does Maestri get the Stock

The vested shares require the the person to stay employed with the company through each vesting date, in Maestri’s case 1/8th of his vested shares will turn into actual share every six months over a time period of four years. After he has been with Apple for four years and  worked through each of those vesting dates he legally has the stock and then he could move to which ever company he wanted.

Apples current share price would render Maestri’s restricted shares at $15 million, but for those of you who actually know a thing or two about the stock market that number is definitely not set in stone. Receiving payment through stock is a risky business because the market could crash tomorrow but then again I wouldn’t complain if I received that much stock on top of my wage at around about $400 per share.

Source – MacRumours

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