TECHNOLOGY - Nov. 19, 1993
From Times Staff and Wire Reports
Apple Gives Sculley Hefty Package: Apple Computer Inc. sweetened former Chairman John Sculley’s goodby with a multimillion-dollar golden parachute that included the purchase of his Lear jet, the company’s proxy statement shows. Just a few weeks after Cupertino, Calif.-based Apple fired 2,500 employees and ordered a 5% pay cut for its executive staff, the computer company paid Sculley $1 million in severance and promised another $750,000 in “consultant’s fees” over the next year. That’s in addition to his 1993 salary of $1,059,556 plus a $412,685 bonus, the company said. Sculley also received stock options valued at $2.24 million.
