TECH
28/05/2012 06:06 BST | Updated 27/07/2012 06:12 BST

Ex-Dixons Boss John Browett Received £36m For Joining Apple

Some Apple fans were surprised in February when the company announced it had hired the former boss of PC World and Currys, John Browett, to run its global retail stores.

"I assume nobody who work at Apple has ever been to Dixons," one such critic wrote on Twitter.

Well, they should prepare to be surprised again. According to reports Browett will receive £36m just for joining the company.

According to several reports he will receive the money in shares, staggered over five years. The payments will be on top of his base salary, which is undisclosed.

The Sunday Times said that Browett will receiv at least seven times the annual salary he was paid at Dixons, where he oversaw 361 shops from 2007 and saw off a challenge by US retailer Best Buy, which recently launched - and folded - its UK business.

In running Apple's retail arm he will control an business which took £6.1bn in revenue during the final quarter of 2011 alone.

And while Apple isn't exactly short of cash, the payment is likely to raise questions over the level of pay it gives top executives.

Several recent shareholder revolts have been which investors vote against company's pay reports.

But boards have argued that they must offer strong incentives in a bid to recruit the best talent to run their companies.

Meanwhile it has also emerged that Tim Cook, Apple's CEO, recently turned down about $75m in share dividends that he was due based on the $500m worth of stock he is said to be holding.

A filing with the US Securities and Exchange Commission showed that Cook turned down the payments.