Shareholders Are Buzzing About This Large Apple Insider Sale
Apple’s (NASDAQ:AAPL) senior vice president for software, Scott Forstall, sold 95 percent of his stake in the company last Friday, with the 64,151 shares landing him $38.7 million, leading many to question whether the man who many believe will ultimately succeed Tim Cook as CEO knows something we don’t.
Forstall took the stage to introduce the iPhone 4S personal voice assistant, Siri, at the phone’s launch last October. He’s also in charge of Apple’s mobile software division, where he oversees the iOS operating system used in iPhones and iPads, which are Apple’s biggest revenue earners. The two product lines made up $29 billion of Apple’s $39 billion sales last quarter. Forstall is also considered to be one of the people behind building the Mac OS X operating system.
The shares he sold last week were given to him as a retention bonus in 2008. He only holds about 2,988 shares now, which currently amounts to $1.8 million. Of course, if Forstall stays with the company, he’s set to receive many more stock options. The senior VP has 100,000 restricted stock units waiting for him to vest in 2014, while another 150,000 units will vest in equal parts next year and in 2016. Forstall also receives an annual salary of $700,000.
Company director Millard Drexler also sold 40,000 shares for $23.7 million last week after the company’s quarterly earnings announcement.