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TMO Reports - Tevanian Takes Home $3.5M in Stock Profit

by , 10:00 AM EST, November 8th, 2004

Avadis Tevanian is the latest Apple Computer executive to take home millions in option sales of company stock, now at highs not seen in over four years. Mr. Tevanian sold 200,000 shares last Tuesday, reaping a US$3.5 million profit, a filing made last Thursday with the U.S. Securities and Exchange Commission revealed.

Mr. Tevanian, Apple's Software Technology Officer, bought the shares at $17.31 and sold them the same day for $53.00 a share, records indicate.

The Tevanian sales is one of many recent sales of stock by Apple executives reported by The Mac Observer. Apple Senior Vice President Ron Johnson profited $9.6 million in late October on similar stock option sales.

As first reported by The Mac Observer on October 22, five Apple executives sold more than 830,000 shares of stock in the company, taking home more than US$29 million in profit in a seven day period.

Observer Comments

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Close Name:DawnTreader -   TMO Staff Posts: 14432 Joined: 04 Jan 2002
Mon Nov 08, 2004 12:43 pm Subject:

Congratulations to Mr. Tevanian! It's nice to see such a talented and hard working person finally profit in a substantial way from several years of dedicated service to Apple.

His action also brings in cash to Apple and reduces the "options overhang" that has troubled many analysts and investors.


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Close Name:Mace Posts: 9179 Joined: 07 Aug 2003
Mon Nov 08, 2004 1:35 pm Subject:

Thought should be $7 million not $3.5 million.


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View Name:Guest
Mon Nov 08, 2004 4:03 pm Subject: joke
View Name:Guest
Mon Nov 08, 2004 4:54 pm Subject: Should be 7 million profit
View Name:Guest
Mon Nov 08, 2004 5:11 pm Subject: How much?
Close Name:Mace Posts: 9179 Joined: 07 Aug 2003
Mon Nov 08, 2004 6:19 pm Subject:

200,000 x $17.31 = $3.462 million
200,000 x $53.00 = $10.6 million

So, he pockets 10.6-3.462 = $7.138 million (excluding tax & brokerage).

Btw, this is not all the options he has. He has been exercising his options regularly throughout his career in Apple.



Last edited by Mace on Mon Nov 08, 2004 7:38 pm; edited 1 time in total
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Close Name:jimothy Posts: 594 Joined: 04 Jun 2004
Mon Nov 08, 2004 7:36 pm Subject: Holy Tax Bill, Batman!

Since he held the stock for less than a year (less than a day, to be precise!), poor ol' Avie will have to pay regular income tax, at around 35%, instead of paying capital gains tax at 15%. That means a federal income tax bill of $2.5 million dollars.

That'll feed a lot of welfare brats.


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View Name:Guest
Mon Nov 08, 2004 8:32 pm Subject: Joke
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