The new Chief of Apple’s retail arm will have enjoyed his first handshake with his new employers this week as a rather sizeable cheque was transferred over in the process.
Admittedly, the bonus payments will be staggered over the next five years in the form of shares, but when the final figure amounts to £36 million, I’m sure waiting five years to reach the full sum is more than agreeable.
For one of the world’s leading manufacturers though, securing a man of John Browett’s experience is thought to be a shrewd move and a wise investment given the experience he has at some major companies.
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Having guided Tesco, the third largest retailer in the world, through its online shopping sector, Browett has also been the boss at PC World and Currys in the UK, as well as seeing off a US based Best Buy threat at the Dixons helm. His new job is thought to be worth seven times the amount he was taking home at the latter of these jobs.
His new job description will require a complete oversee of Apple’s global operations in regards to its retail stores, and given his experience in the UK, the expertise gained will lend itself ideally to the European assault expected by the company in the coming months and years.
The current Apple portfolio consists of 361 stores worldwide, and they have gained global notoriety through their layouts, customer service and product arrangement across the US and much of the developed retail world.
After leaving Dixons in 2007, Browett was Senior Vice President of retail at Apple, so while the step up to this new position was not necessarily a surprise; some sections of the industry have been bemused by the nature of the bonus payment.
Only last week, Apple’s Chief Executive Officer turned down £48 million in dividend payments staggered over the next ten years, in an attempt to set an example to other executives in the company in regards to extra pay.
Browett’s new role seems to have bypassed this unwritten example however, and while his official salary is not disclosed, the experience and prowess that Apple will gain from the acquisition is more than likely to repay any such outlay.