When $100M+ is apparently not enough
2019-02-13 13:20:56

When Angela Ahrendts was hired in 2014 she was given over 790,000 (113,334 before 7:1 split) shares of stock as a signing bonus. Five years later, she's leaving. Guess when her shares fully vested... after four years. Guess she decided to stay one year past the vesting date just to make it look like she cared about something other than the money. Can you say take the money and run?

When she was hired, that shares that were to be given to her were worth a little over $60 million. At current pricing, they would be worth over $130 million, not to mention all the dividends that she's received over the years on those shares. Granted, she has sold some of those shares over the years, but still, take the money and run.

The average Apple retail employee makes a lot less than her base salary, doesn't get stock options and probably works harder than Angela - they certainly have to know more about the products than she ever will. Ask her to work a day on the sales floor and we doubt that she would be able to answer most questions and further doubt she could actually demonstrate Apple's own apps on a computer.

Our questions here at waxy central are these - Did she ever really care about Apple? Did she ever really care about the employees, the experience or the products. Or was it all about the money? Maybe she realized that selling computers and selling clothes are nowhere near the same and she should leave before Tim realized that he made a mistake in hiring her. Say it with us, take the money and run.

She is leaving for "new personal and professional pursuits". We wonder if maybe this is actually code for 'she got a better offer'. $130M+ from Apple, maybe $300M from her next 'professional pursuit'. Just how much money does this woman think she needs?

Was she even worth it? She took an established system and kept it running for five years. It's not like the stores were ghost towns when she started and turned them into sardine cans. She kept the sardines packing the stores. And let's face it after the John Browett debacle, could she do anything but go up? Browett could have done the same thing had he not tried to cut operating costs like he was running a discount store (aka Dixons).

A true employee

Angela is being replaced by Deirdre O'Brien. Deirdre is a true employee. She has been with the company for over 30 years. Six times longer than Angela. Has Deirdre made six times more than Angela over the years - doubtful.

Hey Tim, you and board need to claw back every US dollar that you paid that greedy wench Angela, and give all of it to Deirdre. Working at Apple for over 30 years, believe us, she's earned every bit of it. That's even longer than you, isn't it Tim?

While Deirdre is not a retail 'person', that may be a good thing. We look forward to seeing what she can bring - better management and higher pay for the store employees hopefully. Hopefully not having that clothing store background will give her a fresher perspective on things and the ability to see what really matters - the people at the bottom.

To Angela, we just have this to say to you: If the door doesn't smack you in the arse, we hope you land flat on it. Take your money and run. Run far away. And to whomever you've conned into hiring you, save your money and hire someone cheaper - they can probably do the same job for less money and hopefully stay longer.