“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.
To the victor go the spoils, right? Congrats to them.
To the victor go the spoils, right? Congrats to them.
good luck to them
they deserve it
i hope scott forstall made loadsa money too , he rocks
good luck to them
they deserve it
i hope scott forstall made loadsa money too , he rocks
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”.
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”.
Bertrand Serlet is the jewel in OS X. The man is a genius. Well done Bertrand, you deserve every cent.
Bertrand Serlet is the jewel in OS X. The man is a genius. Well done Bertrand, you deserve every cent.
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 )
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 )
Apple needs to launch a consulting business show ’em how it’s done. These folks are rewarded for hard work, not financial slight of hand.
Apple needs to launch a consulting business show ’em how it’s done. These folks are rewarded for hard work, not financial slight of hand.
Now that they have their cash, what better investment could they put that cash into than AAPL stock? It wool double their money over the next 5 years. Maybe they have yachts to buy!
Now that they have their cash, what better investment could they put that cash into than AAPL stock? It wool double their money over the next 5 years. Maybe they have yachts to buy!
Kudos to people who earned every penny of their compensation. Progressives do not have a problem with wealth, capitalism or competitive markets. We do have a problem with crony capitalism- like officers of bailed out banks lining their pockets despite having been involved in the bad practices that crashed their firms in the first place.
The market and business should reward exceptional performance, tolerate compliant performance and skewer those who eff things up. Most of us would have been fired for doing so badly at our jobs & the same should be true for executives.
Kudos to people who earned every penny of their compensation. Progressives do not have a problem with wealth, capitalism or competitive markets. We do have a problem with crony capitalism- like officers of bailed out banks lining their pockets despite having been involved in the bad practices that crashed their firms in the first place.
The market and business should reward exceptional performance, tolerate compliant performance and skewer those who eff things up. Most of us would have been fired for doing so badly at our jobs & the same should be true for executives.
They deserve every penny. They’ve done likewise for me.
They deserve every penny. They’ve done likewise for me.
Land of Opportunity!
These are some of the very few “earning” their millions the old fashioned way, by adding value to actual products. Good for them!
On the other side are those who have made millions/billions in “Finance”, “Insurance”, and “Real Estate Investments” where they added no value what so ever, and actually caused great harm. Those are the pigs we should look at and address with pure disgust.
Land of Opportunity!
These are some of the very few “earning” their millions the old fashioned way, by adding value to actual products. Good for them!
On the other side are those who have made millions/billions in “Finance”, “Insurance”, and “Real Estate Investments” where they added no value what so ever, and actually caused great harm. Those are the pigs we should look at and address with pure disgust.
Only hard-core Marxists could argue that Apple execs don’t deserve every penny of those millions.
In football, leaders (quarterback, coach) get and deserve the lion’s share of the credit for success and for failure. That’s the way it should be in business as well. Apple is a good example on the success side of the equation. Unfortunately, most business leaders do NOT end up suffering financially when they screw up the company. Take Ballmer, for instance — ever since he took over his company has (for good reason) flat-lined in stock performance, yet last year all he suffered was a reduction of his bonus (and still made over a million). If his pay was tied to stock performance, he would have been paid NOTHING. Yes, Microsoft is still making money, but investors have made their own determination about Microsoft’s future.
BTW, if there was any justice, Apple’s board of directors in the 90’s (i.e., those who sacked Jobs and put Sculley in charge) would owe Apple billions.
They’re selling before taxes sky rocket on January 1. Smart move! The coomies are destroying th USA.
They’re selling before taxes sky rocket on January 1. Smart move! The coomies are destroying th USA.
Coomies??? Good one! Typical of someone who shoots off their mouth without looking!
No Sarcasm here.
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Coomies??? Good one! Typical of someone who shoots off their mouth without looking!
No Sarcasm here.
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