Apple officers sell off 1 million shares


Philip Elmer-DeWitt is a senior editor at Fortune.

COO Tim Cook clears $68 million before taxes; CFO Peter Oppenheimer, $46 million



Apple's senior staff had a busy -- and profitable -- trading day Thursday.

More than a million restricted shares of Apple (aapl) stock that seven of them were granted on Dec. 14, 2005 became fully vested Wednesday. The next day, with Apple opening at an all-time record high, four of them sold off all those shares pursuant, as the SEC Form 4 has it, to a Rule 10b5-1 trading plan.

COO Tim Cook, who two weeks earlier was given a $5 million bonus and stock options worth $17 million, was the big winner. He sold 300,000 Apple shares at prices ranging from $226.9 to $230.7, for a total of $68.8 million -- $32 million of which was set aside for taxes.

When Cook was granted those shares, Apple was selling for $72.01. It opened Thursday at $230.92 and closed, thanks in part to all that selling, $4.57 lower.

Three other officers also dumped their restricted shares Thursday:

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  • Peter Oppenheimer, CFO: Sold 200,000 shares. Cleared $45.98 million.
  • Ron Johnson, SVP for retail: Sold 200,000 shares. Cleared $45.95 million.
  • Phil Schiller, SVP for marketing: Sold 150,000 shares. Cleared $34.47 million.

Three other senior staffers -- Serlet Bertrand (granted 150,000 restricted shares in 2005), Scott Forstall (50,000) and Robert Mansfield (50,000) -- sold some of their shares to satisfy minimum statutory withholding requirements and held on to the rest.

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