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CORRECTED-UPDATE 1-Apple plans to increase dividend, approves executive compensation - CNBC

(Corrects headline, paragraph 2,3 to remove reference to CEO stock payout after CNBC corrects)

Feb 23 (Reuters) - Apple Inc is planning to increase dividend according to Chief Executive Tim Cook, CNBC reported on Tuesday, citing the shareholder meeting.

The company's shareholders also approved compensation for Apple executives for fiscal 2020, the report said. (cnb.cx/2ZIjRcj)

Shareholders will not vote until next year’s annual meeting on Cook’s September grant of 333,987 restricted stock units, his first major stock package since 2011, which took effect at the start of Apple’s fiscal 2021.

It grants him stock units with a possibility to earn as many as 667,974 more if he hits performance targets. (reut.rs/3spbsGT)

Apple, the biggest U.S. listed public company by market capitalization with a value of $2.1 trillion, has thrived during the pandemic even though it had to temporarily shut several stores.

The company’s board had declared a cash dividend of $0.205 per share of the company’s common stock in the holiday quarter.

Reporting by Chavi Mehta in Bengaluru; Editing by Arun Koyyur

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