Apple's senior vice president of retail John Browett, previously CEO of tech retailer Dixons and PC World, will receive a £36m ($56m) bonus from Apple.

Browett, who was CEO of Dixons since 2007 earning £1m in 2011, reports directly to Apple’s CEO Tim Cook, who last week declined £48m ($75m) in dividend payments he was due to receive over the next 10 years in order to “set an example” on executive pay.

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Browett serves on Apple’s executive team, overseeing the company's retail strategy and worldwide expansion of Apple retail stores.

Prior to joining Dixons Retail, Browett was CEO of Earlier in his career he advised retail and consumer goods clients at Boston Consulting Group.

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Browett’s £36m payment will be made in shares over five years.

His annual shares award for the next five years are worth more than $11m, depending on Apple's share price. His salary is undisclosed.

At Dixons Browett earned a base salary of £676,000 last year, with a further £354,000 in bonuses, prension and other perks.

Tim Cook and John Browett Apple execs

Cook is believed to have more than $500m in deferred Apple stock. Some financial analysts believe Apple's share price may rise above $1,000.

Browett joined Apple in April 2012, replacing the successful Steve Jobs hire Ron Johnson, who left Apple a year ago to take charge of struggling US department store JC Penney

In Q4 2011 Apple’s 361 retail stores – very different from the UK’s Dixons, PC World and Currys stores run by Browett – took nearly £4 bilion ($6.1bn) in sales of iPhones, iPads, iPods and Macs, and some third-party goods.

Browett is the second Brit in Apple’s senior ranks of Apple, alongside London-born design chief Jonathan Ive, who was last week knighted for services to design.