Tim Cook To Forgo £48 Million In Dividend Payments

Apple's CEO, Tim Cook, has surprised the media when it was reported that he gave up $75 million (£48 million) dividend payments for his Apple shares.

The company said in a document to the US Securities and Exchange Commission that Tim Cook demanded to be excluded from the new program, allowing employees to accumulate dividends in their restricted stock.

Apple's board has granted Tim Cook one million restricted stock units (RSU), which are now worth more than $500 million (£318.75 million). Half of these share will vest in 2016 and the other half in 2021.

If Tim Cook had accepted the option to cash in dividends from the vesting shares, he would have received $75 million (£48 million). Asked by the media why Tim Cook has decided to give up such a pile of cash, Apple's representatives were reluctant to comment.

Two months ago, the iPad and iPhone maker had announced to pay shareholders a dividend of $2.65 a share. This decision is rare in the tech world, as the companies prefer to invest money in development and research, rather than paying up dividends to stakeholders.

Apple currently has cash reserves in excess of $100 billion (£63.77 billion).