Forstall & Drexler Sell Millions Worth of AAPL Stock

| Apple Stock Watch

Scott Forstall's AAPL SaleBase image via Shutterstock.

Apple executive Scott Forstall and board member Mickey Drexler both sold of tens of thousands of shares of Apple stock last Friday, each netting millions of dollars in the transactions, according to filings with the U.S. Securities and Exchange Commission published Monday.

Mr. Forstall, currently Apple’s Senior Vice President of iOS Software, has been at the company since 1997, transitioning from NeXT to Apple along with Steve Jobs. While there, he has worked on the development of both Mac OS X and iOS, and has headlined Apple’s WWDC events for several years.

The shares he sold Friday originated from a 2008 retention bonus of 120,000 restricted stock units which converted late last month. Mr. Forstall sold 55,849 shares at that time to cover taxes and liquidated the remaining 64,151 shares Friday, for a net total of nearly US$39 million.

Following the transaction, Mr. Forstall currently holds only 2,988 shares of Apple, but is slated to receive several additional stock grants if he remains with the company, including 150,000 shares set to vest in 2014 and 2016 and a separate 100,000 shares vesting in 2014.

Millard “Mickey” Drexler, chairman and CEO of J. Crew Group and Apple board member since 1999, also exercised options granted in 2003 and 2004, selling a total of 40,000 shares for a net of nearly $23.7 million.

Apple (AAPL) was down 19.02 (3.15%) Monday, closing the day at $583.98. Apple’s stock is currently trading in the pre-market at $586.08, up 2.10 (0.36%).

[via MacRumors]

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Comments

zewazir

Just out of curiosity, for those in the know, how much of a single stock can someone buy or sell in a single transaction without getting in trouble from the SEC?  I mean, if some agency owned several million shares of a stock, and they sell it all off in one lump, wouldn’t that have a significant effect on the price?  I know there are rules in place to prevent the billionaires from manipulating prices. So, what are the limits?

Lee Dronick

I mean, if some agency owned several million shares

When I first saw the headline I immediately thought that Forestall & Drexler were some sort of investment business.

SS

Compenstion for executives is gettinto be regodamndiculous

Robin

SEC requires selling by board members to avoid appearances of impropriety.With the addition of Robert Iger
of DIS the board is moving in a more shareholder
friendly small dividend investor direction al la Disney.
Old board ‘dead wood"is being cleared out.We are overdue a
10 for 1 split lastin 2005 and a DRIP program soon along with the recent $10.65/year dividend we long term investors got back last given in 1995. Fundamentals best in company history it is all good SEQ required selling no worries.
Even TimCook had to do this not long ago.

Johny

For a great read on AAPL and to understand it properly, visit, vippennys tocksite . com

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