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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%).