The ex head of Dixons who relocated to California to run Apple's retail has been awarded shares worth $56 million (£36 million) as part of in incentive to stay with the company for 5 years.

Apple's senior vice president of retail John Browett is to receive shares worth $56 million over the next five years.

Browett, who was CEO of Dixons Retail from 2007 and prior to that CEO of Tesco.com, replaced Ron Johnson who went to JC Penney.

Browett's focus at Apple is on Apple's oversees retail strategy and the continued expansion of Apple retail stores around the world.

Apple's new CEO Tim Cook has declined to take dividend equivalents that would have given him $75 million in dividend payments.

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