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Apple boss turns down $75m dividend

Tim Cook, CEO of Apple, request not to receive dividend payout in July

Tim Cook requested not to participate in the historic dividend payout.
Tim Cook requested not to participate in the historic dividend payout.

Apple CEO Tim Cook will not get a pay out when Apple makes it historic dividend payout in July.

Cook has turned down the dividend, which would have netted him around $75m, according to a filing with Securities and Exchange Commission in the US. No reason was given for the move, but the report states it was at Cook's own request.

The Apple boss is one of the best paid CEOs in the US, taking in around $378m last year, mainly due to a one million share award, the Wall Street Journal reported.

Apple currently holds cash of around $110bn, which previous Apple CEO Steve Jobs had refused to release for stockholders or other purposes. In March the company announced that it was making investments in R&D, retail, supply chain infrastructure and acquisitions, and would also look to spend $45bn on dividends and share buy-backs, with dividend payments to resume in July, with a pay out of $2.65 per share, the first Apple dividend since 1995.