Apple Inc. Files 8-K on Director and Officer Changes
Ticker: AAPL · Form: 8-K · Filed: Jan 3, 2025 · CIK: 320193
| Field | Detail |
|---|---|
| Company | Apple Inc. (AAPL) |
| Form Type | 8-K |
| Filed Date | Jan 3, 2025 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.00001, $1 m |
| Sentiment | neutral |
Sentiment: neutral
Topics: governance, executive-compensation, board-of-directors
Related Tickers: AAPL
TL;DR
Apple's 8-K reveals board shakeups and executive pay adjustments.
AI Summary
Apple Inc. filed an 8-K on January 3, 2025, reporting changes related to its board of directors and executive compensation. The filing indicates a departure of directors or certain officers, the election of new directors, and updates to compensatory arrangements for key executives. Specific details on the individuals involved and the financial implications of these changes are outlined within the report.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy, governance, and future performance, impacting investor confidence and stock valuation.
Risk Assessment
Risk Level: medium — Changes in leadership and compensation can introduce uncertainty and signal potential strategic shifts, which may affect the company's future performance.
Key Numbers
- 0000320193 — Central Index Key (Apple Inc.'s unique identifier with the SEC.)
- 001-36743 — SEC File Number (Apple Inc.'s SEC filing number.)
Key Players & Entities
- Apple Inc. (company) — Filer
- 0000320193 (company) — Central Index Key
- CA (location) — State of Incorporation
- 20250103 (date) — Filing Date
- 20241230 (date) — Period of Report
FAQ
What specific roles or positions were affected by the departure of directors or certain officers?
The filing indicates a departure of directors or certain officers, but does not specify the exact roles or positions affected in the provided text.
Who are the newly elected directors?
The filing mentions the election of directors but does not name the individuals elected in the provided text.
What are the key changes in the compensatory arrangements for certain officers?
The filing notes updates to compensatory arrangements for certain officers, but the specific details of these changes are not provided in the excerpt.
What is the effective date of the changes reported in this 8-K?
The date as of change is January 3, 2025 (20250103).
What is Apple Inc.'s Standard Industrial Classification code?
Apple Inc.'s Standard Industrial Classification code is 3571, for Electronic Computers.
Filing Stats: 791 words · 3 min read · ~3 pages · Grade level 10 · Accepted 2025-01-03 16:30:56
Key Financial Figures
- $0.00001 — ange on which registered Common Stock, $0.00001 par value per share AAPL The Nasdaq
- $1 m — Parekh's annual salary was increased to $1 million, effective January 1, 2025, and h
Filing Documents
- ef20040370_8k.htm (8-K) — 42KB
- logo_apple.jpg (GRAPHIC) — 1KB
- 0001140361-25-000228.txt ( ) — 257KB
- aapl-20241230.xsd (EX-101.SCH) — 6KB
- aapl-20241230_def.xml (EX-101.DEF) — 19KB
- aapl-20241230_lab.xml (EX-101.LAB) — 33KB
- aapl-20241230_pre.xml (EX-101.PRE) — 21KB
- ef20040370_8k_htm.xml (XML) — 13KB
02 Departure of Directors or Certain
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. As part of Apple Inc.'s ("Apple's") previously announced Chief Financial Officer transition plan, Apple's Board of Directors appointed Kevan Parekh, 53, as Apple's Senior Vice President, Chief Financial Officer, effective January 1, 2025. Mr. Parekh succeeds Luca Maestri in the role of CFO. Mr. Parekh joined Apple in June 2013 and assumed his current position in January 2025. Mr. Parekh's previous positions at Apple include Vice President, Financial Planning and Analysis and Vice President, Finance for Sales, Marketing, and Retail. Prior to joining Apple, Mr. Parekh held various senior leadership roles at Thomson Reuters and General Motors. Mr. Parekh's annual salary was increased to $1 million, effective January 1, 2025, and he is eligible to participate in the Apple Inc. Executive Cash Incentive Plan for fiscal year 2025 on the same basis as Apple's other named executive officers, with a target opportunity of 175% of base salary based on his time in his respective roles for fiscal year 2025. Mr. Parekh was previously awarded 36,767 performance-based restricted stock units ("RSUs"), and 36,767 time-based RSUs for fiscal year 2025 under the Apple Inc. 2022 Employee Stock Plan. The performance-based RSUs are scheduled to vest on October 1, 2027, subject to the terms of the award agreement. Between 0% and 200% of the target number of performance-based RSUs may vest, with the percentage determined based on Apple's total shareholder return relative to companies in the S&P 500 from September 29, 2024 through September 25, 2027. The time-based RSUs are scheduled to vest in equal installments on each of April 1, 2027, April 1, 2028, and April 1, 2029, subject to the terms of the award agreement. Apple and Mr. Parekh have entered into Apple's standard indemnification agreement for executive officers. There are no
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: January 3, 2025 Apple Inc. By: /s/ Katherine Adams Katherine Adams Senior Vice President, General Counsel and Secretary