Meet Apple’s newest part-timer…

Yesterday, Apple (AAPL) announced that it had appointed former Northrup Grumman (NOC) Chairman and CEO Ronald Sugar to its board of directors. While the news didn’t generate quite the level of buzz as Apple’s Beatles announcement a day earlier, as all things Apple tend to do, it still generated plenty of attention.

Like the seven other directors on Apple’s board, Sugar will get the company’s “standard” — their words, not ours — fee of $50,000 and an additional $25K for serving as chair of the audit and finance committee. Sugar also gets 185 restricted stock units. The 8-K that Apple filed late yesterday has the details.

While sitting on Apple’s board has lots of cach⟠not to mention offers several other perks (as we footnoted here three years ago), the pay isn’t unusually high as far as director pay goes. So it’s a good thing that Sugar has a nice consulting gig with his former employer to fall back on. As we footnoted this past summer, that part-time job pays around $5,560 a day. In exchange, Sugar is expected to work up to three days a month. Plus, he also sits on the boards of both Chevron (CVX) and Amgen (AMGN), two companies that pay its directors considerably more than Apple does.

By our count, that makes four part-time jobs. Now clearly, Sugar, who spent a long career at Northrup Grumman is capable of multi-tasking. Then again, wouldn’t you be if you were making over $500,000 a year for part-time work?

Image source: Wikipedia Commons


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