Back in the summer of 2013, facing a modest shareholder revolt, Apple CEO Tim Cook did one of the more remarkable things I’ve seen in years of writing about corporate compensation:
He volunteered to rewrite the rules for the restricted stocks units he had already been granted.
He was under no obligation to do so. But shareholders had seen the company’s stock cut almost in half over the past year and were getting nervous. There was lots of thumb-sucking over whether Apple could still innovate under the leadership of the man who had replaced Steve Jobs.
Read more here.
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