Apple to pay new retail chief Angela Ahrendts $68 million in shares

Apple has awarded its new retail chief Angela Ahrendts a pay package which includes $68 million in shares.

The pay award, which amounts to 113,334 shares, was revealed in a regulatory filing to the Securities and Exchanges Commission (SEC).

Apple announced the appointment of Angela Ahrendts in October, but she only started her job on May 1.

Angela Ahrendts was previously chief executive of UK luxury retailer Burberry.

She will receive 85% of the shares as long as she stays with Apple for four years, regardless of performance.

Angela Ahrendts will receive the shares award over a number of vesting periods beginning on June 1, 2014, and ending on June 14, 2018.

The first tranche will vest on June 1, 2014, and is worth $9.8 million at Apple’s closing price of $600.96 on Monday.

She can expect the next tranche to vest on May 1, 2015.

At Monday’s closing price the second tranche would be worth $13.6 million.

The pay package makes her among the most highly paid female executives in the world.

Angela Ahrendts is the first woman to be appointed to Apple’s board of directors in a decade and will take charge of its global retail and online stores, which employ around 42,400 people.

She was credited with the turnaround of Burberry doubling sales thanks to overseas expansion, while the retailer’s share price rose by 250% under her tenure. She was appointed chief executive in 2006.

Burberry has seen significant overseas growth, particularly in China. As of last year three-quarters of Burberry stores were located in emerging markets.

In contrast nearly half of Apple’s 431 stores are in its home market of the US. Despite this only 31% of Apple’s revenues last year came from America.