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AAPL Stock: 99.18 ( -1.57 )

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Apple executives sell over 1 million in personal shares

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.




by MacNN Staff

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Comments

  1. lamewing

    Joined: Dec 1969

    +4

    I cannot imagine this

    Having been a mail clerk at a law firm, then mechanic in the Army, now an undergraduate student (geography major / stat and japanese minor), and hopefully onto graduate school I have had to work hard for everything. I simply cannot imagine making that kind of money all at once. What the heck would a person DO with a net of 32 million dollars?

  1. DanielSw

    Joined: Dec 1969

    +7

    An economy is CREATED, not merely endured

    This should serve as an example to countless other companies and individuals in the world that Apple hasn't been sitting around and waiting for the economy to improve. It's actively CREATING a better one.

  1. jstephe

    Joined: Dec 1969

    +10

    @lamewing

    He did not net 32 million, he netted around 17 Million.
    He has to pay the 72.01 per share as the were options, meaning he has the option to buy them at a set price. The purchase price would have been $21.6 Million.

  1. lamewing

    Joined: Dec 1969

    +3

    @jstephe

    Right, right. I didn't account for the initial purchase costs. My bad. BUT, the point is the same.

    I will not make even one quarter of that in my entire lifetime and I am not at the poverty level by any means.

    I have traveled overseas and seen some of the developing countries as well as the folks who live in poverty here in the U.S. and I have to wonder if the profits, say 80% , could be used to help our educational system here in the U.S. I would think that the guy could live off of the $3.4 million (20% profits) pretty easily. Imagine if all the folks in the U.S. who bring in these large incomes were to donate those profits how much better our educational system could be.

    Right. People will flame me and say they earned it and deserve it, while the poor deserve what they get. That type of thinking must makes me ill. Maybe this guy will use it wisely, but knowing human nature, I seriously doubt it.

  1. testudo

    Joined: Dec 1969

    -3

    Re: An economy is created

    This should serve as an example to countless other companies and individuals in the world that Apple hasn't been sitting around and waiting for the economy to improve. It's actively CREATING a better one.

    How is it creating a better economy? A company's stock value has no reflection on an economy, just on the economy of those who want to buy that stock.

    If Apple actually wanted to CREATE a better economy, they'd spend a bunch of that $40 billion in cash they have into various industries to create jobs, which is what one does to better an economy.

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