Apple execs make $75 million after stock exercise
updated 08:40 pm EDT, Thu March 27, 2008
Apple execs net 75 million
Apple's executive team – with the exception of CEO Steve Jobs and General Counsel Daniel Cooperman – were forced to deal with restricted stock units that were due to expire. Phil Shiller, Bertrand Serlet, and Ron Johnson have each converted 250,000 restricted stock options to shares, and each gave up over 113,000 shares to pay for expenses regarding the matter. This was due to a decision of performing a net-share settle, at a cost of $139.53 per share.
Tony Fadell, Senior Vice President for Apple's iPod division, also converted 100,000 shares, and surrendered over 45,000 shares to cover expenses, and held on to the remaining 54,000 options.
Senior Vice President of Industrial Design Jonathan Ive exercised 200,000 restricted options, and sold 109,000 shares to cover costs, for a total profit of $15.2 million.
Chief Financial Officer Pete Oppenheimer converted 250,000 shares, while disposing of 136,000 for tax purposes, ending up with around $19 million.
Apple's Chief Operating Officer Tim Cook converted 300,000 options to shares, selling them on the open market for a net profit of $41 million.
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Joined: Aug 2001
I cry for thee
Man, they were "forced" to exercise their options. And for such piddling profits! I mean, having to use half of their money to pay for the expenses of cashing them in? It's almost not worth the $75 million they collectively made.