updated 12:40 pm EDT, Fri March 26, 2010
Individuals claim tens of millions in profit
Several Apple executives have become even richer after a stock selloff on Thursday, Fortune reports. Over a million restricted Apple shares became fully vested on Wednesday, and the next morning, four executives sold most of them under a Rule 10b5-1 trading plan. COO Tim Cook is noted to have profited most, having sold 300,000 shares at prices ranging from $226.90 to $230.70; the shares were originally worth $72.01 apiece. Cook's total haul is noted to have been $68.8 million, although $32 million was diverted to taxes.
CFO Peter Oppenheimer is recorded to have sold 200,000 shares, taking home $45.98 million. Apple's senior retail VP, Ron Johnson, conducted a similar transaction, but gained slightly less with $45.95 million. Phil Schiller, the company's senior VP for worldwide product marketing, sold 150,000 shares and brought in $34.47 million.
Three other senior workers are said to have sold shares, but only enough to meet minimum statutory withholding requirements. These include Serlet Bertrand, Scott Forstall and Robert Mansfield. Bertrand was granted 150,000 shares in 2005, while Forstall and Mansfield were given 50,000 each.
The impact of the selloff helped to push Apple stock down $4.57 on Thursday. It has since more than rebounded with a value closer to $231.
Cook's take comes on top of a $5 million bonus paid two weeks ago, at which time he was also awarded $17 million in stock options.