Apple chief Cook to forgo $75m dividend payments

Washington, May 25 (ANI): Apple CEO Tim Cook has said that he will forgo 75 million dollars in dividend payments, that he would get for the more than 1 million dollar shares he would receive over the next decade.

According to The Telegraph, in a filing with the US Securities and Exchange Commission, Apple claimed Cook to be exclude him from a recently instituted company program, through which employees can accumulate dividends on their restricted stock units that are still vesting.When probed why Cook was doing this, Apple declined to comment beyond the filing.

Cook, who took over as chief executive from late co-founder Steve Jobs in August, has 1.125 million dollars outstanding restricted Apple shares that are vesting over the next 10 years.

In January, Apple's board granted Cook 1 million restricted stock units for running the company during Jobs' medical leaves and as a retention tool. Half of those units are due to vest in 2016 and the remainder is due to be vested in 2021. (ANI)