It's now been nearly 3 years since Apple (NASDAQ:AAPL) has had dedicated leadership for its retail operations. The company lost Ron Johnson to J.C. Penney in June 2011, and attempted to fill his shoes with John Browett in 2012. Browett's tenure lasted just six months before Apple realized it wasn't a good fit. Apple retail has reported directly to Tim Cook for most of the past 3 years, but Cook is obviously already quite a busy guy.
Angela Ahrendts has now officially left Burberry to start at Apple, and was granted approximately 113,000 shares of restricted stock. That welcome package is valued at $68 million at current prices, and will vest over the next four years. Ahrendts brings a lot to the iTable, as she helped Burberry grow its presence in China. That's a key growth initiative for Apple right now.
Apple's retail expansion is heavily focused on international markets. Over the past 2 years, 90% of the 60 stores that have been opened have been abroad. Just this year, Apple opened its first stores in Brazil and Turkey also. There's still plenty of work to be done, and Ahrendts is the right woman for the job.
In this segment of Tech Teardown, Erin Kennedy discusses Apple's new retail chief with Evan Niu, CFA, our tech and telecom bureau chief.
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Erin Kennedy owns shares of Apple. Evan Niu, CFA owns shares of Apple. Evan Niu, CFA has the following options: long January 2015 $460 calls on Apple and short January 2015 $480 calls on Apple. The Motley Fool recommends Apple. The Motley Fool owns shares of Apple. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.