“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.”
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