Apple Inc. (AAPL)’s new retail head John Browett will receive shares worth at least $56 million to be awarded over five years, the Sunday Times reported.

Browett will receive the shares in addition to his annual salary, which the newspaper said today was undisclosed.

To contact the reporter on this story: Clementine Fletcher in London cfletcher5@bloomberg.net.

To contact the editor responsible for this story: Sara Marley at smarley1@bloomberg.net.