Apple Inc. announced that Chief Executive Tim Cook would be passing up on $75 million by not participating in the Cupertino, Calif., company's quarterly dividends.
With the company set to start giving out a quarterly dividend of $2.65 a share by the fourth quarter of this year, Cook decided not to collect the dividends for his 1.125 million shares, which would amount to $75 million before they each vested.
Cook's decision to decline the payments was announced Thursday by the company through an SEC filing.
As All Things D notes, this is a classy move by Cook and Apple that should get the company some brownie points with the public and its investors.
[Updated, 9:02 a.m. May 25: Cook's gesture comes as a new study out Friday shows that the head of a typical public company made $9.6 million in 2011.