TMO Scoop - Apple Execs Cash In Big Stock Profits; Cook $13M, Rubinstein $10.9M
by , 8:00 AM EDT, April 26th, 2004
Taking full advantage of Apple Computer's high stock price that recently jumped above US$27 a share for the first time in more than three-and-a-half years, six company executives cashed in stock options and common stock purchasing plans in the last week. The transactions totaled in excess of $46 million, according to calculations by The Mac Observer from ownership statements filed with the US Securities and Exchange Commission.
The SEC filings were broken down by each executive, the buying and selling price of each share and the number of shares per each lot. The statements do not include total profits. TMO calculated each transaction to come up with those total profits.
The largest sale of stock was by Tim Cook, Apple's Executive Vice President Worldwide Sales and Operations, who sold a total of 1,200,000 shares of employee stock options last week, making a total profit of $13,280,674.00, according to a detailed analysis done by TMO.
On April 19 and 20, Mr. Cook sold 600,000 shares of employee stock options, making a profit of $6,787,585.00. He then sold an additional 600,000 shares on April 21 and 22 and made $6,493,089, for a total of $13,280,674.00.
Jon Rubinstein, Apple's Senior Vice President of Hardware Engineering, sold a total of 625,000 shares of employee stock options on April 19, 20, 21 and 22, making a profit of $10,934,467.50.
Out-going executive vice president and chief financial officer Fred Anderson, who sold a total of 798,700 shares of employee stock options last week, made a total profit of $8,888,556.20,
On April 19 and 20, Mr. Anderson sold a total of 398,700 shares of his employee stock options and made $4,506,779.25. He then sold an additional 400,000 shares on Thursday, April 22 and made $4,381,777.00.
Sina Tamaddon, Apple's Senior Vice President of Applications, sold 678,400 shares of employee stock options on April 19, making a profit of $7,487,077.10.
Phil Schiller, Apple's Senior Vice President of Worldwide Product Marketing, sold 250,000 shares of common stock benefits on April 20 for a total profit of $2,782,206.64.
Nancy Heinen, Apple's Senior Vice President and General Counsel, sold 200,000 shares of employee stock options on April 19, and made $2,660,935.00.
The Apple executives sold their stock options for between $27.06 and $28.69 a share. The majority of transactions were bought at $16.81 a share.