Apple execs score fortunes in stock sales

“Apple riches are falling into the bank accounts of company veterans who helped turn the tech giant into one of Wall Street’s most valuable companies,” Paul Tharp reports for The NY Post.

“Take Bertrand Serlet, the 49-year-old chief of software engineering, who has reported stock sales of $124.5 million so far this year, much of it from restricted shares that didn’t cost him a dime,” Tharp reports. “Serlet has sold hefty blocks all year during the stock’s rise, but his best score was selling a 5,000-share block a week ago at $318.50 a piece — just 50 cents shy of Apple’s all-time high.”

Tharp reports, “Shares of Apple have more than tripled in the past 18 months to close yesterday at $308.05, putting its market cap at $281.4 billion and turning many of the original corps into even grander multimillionaires.”

“The windfall for 11-year exec Bob Mansfield, the 49-year-old senior vice president of hardware engineering, was a literal jackpot come true. Mansfield was allowed to buy common shares at a relatively cheap $36.54 each from Apple’s trove of shares last Thursday, and resell them on the open market for $308 each,” Tharp reports. “It works out to an average annual payout of $1 million a year over the course of Mansfield’s career — on top of his $600,000-plus pay and other perks.”

Read more in the full article here.

MacDailyNews Take: Those who do excellent work deserve excellent pay.

72 Comments

  1. Normally I’d see such a windfall and scream “FOUL!”. In this case, though, maybe not. The Apple team actually DID provide the company with profits worthy of such payments. Were this not true, I think Mr. Jobs would have asked them to “move along, please”.

  2. Normally I’d see such a windfall and scream “FOUL!”. In this case, though, maybe not. The Apple team actually DID provide the company with profits worthy of such payments. Were this not true, I think Mr. Jobs would have asked them to “move along, please”.

  3. Completely unfair an inappropriate. I sure hope someone spreads this wealth around more equitably. I mean there are MSFT executives whose stock has not risen in years. What about them?!! This is America, damn it. Land of equal opportunity and equal results. Apple is clearly the devil.

    (Do I need to actually say it…ok…I will… ^ Sarcasm )

  4. Completely unfair an inappropriate. I sure hope someone spreads this wealth around more equitably. I mean there are MSFT executives whose stock has not risen in years. What about them?!! This is America, damn it. Land of equal opportunity and equal results. Apple is clearly the devil.

    (Do I need to actually say it…ok…I will… ^ Sarcasm )

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