The remaining 17,303 shares, worth $10.3m on Monday, are tied to performance
measured by Apple’s relative total shareholder return.
The Apple stores’ performance has waned in the absence of a permanent chief, with
average revenue per store dipping from $29.4m in the first half of 2013 to $29.1m in
the first half of its current fiscal year.
More than half of Apple’s 423 stores are in the US, in spite of just 31 per cent of the
company’s revenues in the past quarter coming from the Americas. By contrast,
Burberry said last year that more than three-quarters of its stores were in emerging
markets such as China.
Apple has already said it expects to open 30 new retail stores this year, of which two-
thirds will be outside the US. Recent openings in Brazil and Turkey have brought
Apple’s retail network to 15 countries, attracting footfall in the tens of millions every
About 11 per cent of Apple’s total revenue comes from its retail stores, which employ
more than half of Apple’s more than 80,000 full-time staff.
Ms Ahrendts is used to such challenges. At Burberry, Ms Ahrendts tripled the luxury
company’s share price and dragged the ageing brand into the digital world.
The Indiana-born executive was appointed Burberry’s chief in July 2006 after long
stints at more mass-market brands such as Liz Claiborne and Donna Karan. In 2012,
a survey by corporate governance group Manifest and pay consultancy MM&K found
that she was the best-paid chief executive in the FTSE 350, taking home a total of
£16.9m in salary and stock awards