Apple CEO opts out of $75 million dividend income

  • Apple Chief Executive Tim Cook has asked to opt out of earning dividend income on the more than 1 million shares he is entitled to, costing him up to $75 million.

    In a filing with the U.S. Securities and Exchange Commission, Apple said Cook had requested to be excluded from a recently instituted company program through which employees can accumulate dividends on their restricted stock units that are still vesting.

    Apple declined to comment as to why Cook had made the request.

    Cook took over as chief executive following the death of Apple co-founder Steve Jobs in August. He has 1.125 million outstanding restricted Apple shares that are vesting over the next 10 years.

    In March, Apple said it would pay a cash dividend of $2.65 per share to its shareholders.