Three Apple executives reap $150M after stock sell-off
updated 12:00 pm EDT, Wed March 28, 2012
Mansfield, Forstall hold on to investments
Three key Apple executives have made about $150 million after selling newly-vested restricted stock, SEC filings show. CEO Tim Cook, CFO Peter Oppenheimer, and senior worldwide marketing VP Phil Schiller were among several executives granted shares in September 2008 in order to buy their loyalty through 2012. Although the shares were valued at just $105.26 each at the time, the grants were in total worth roughly $122 million.
The shares vested on March 24th. Cook had a total of 200,000, 93,360 of which were set aside to pay taxes. After selling the remaining amount in bundles, the CEO pocketed $64 million. Oppenheimer's 150,000 shares ultimately generated $47 million, while Schiller netted $39 million off 120,000 shares. To prevent any accusations of insider trading, the transactions were set up in advance through a Rule 10b5-1 plan.
Two other executives -- senior VPs Bob Mansfield and Scott Forstall -- are also said to have been part of the September 2008 grant, but haven't made any trades even if some shares have already been allocated toward taxes. Mansfield governs Apple's hardware engineering, while Forstall is in charge of iOS.
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Joined: Aug 2001
so sad
Tim had to set aside nearly half his stock just to pay taxes. This is why America is so screwed up!