Apple Hardware VP Cashes in $10.7M in Stock

This is a discussion on Apple Hardware VP Cashes in $10.7M in Stock within the Apple News forums, part of the Apple News Room category; Apple Senior Vice President Dan Riccio cashed in 20,726 shares of stock in the last two days, a transaction that netted him roughly US$10.3 million ...

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    Apple Hardware VP Cashes in $10.7M in Stock



    Apple Senior Vice President Dan Riccio cashed in 20,726 shares of stock in the last two days, a transaction that netted him roughly US$10.3 million and an unnamed charity another half a million dollars. The recently promoted Mr. Riccio sold 19,726 shares of stock for himself, and gave the other 1,000 shares to charity.

    Mr. Riccio exercised half of those shares as options in October, when they were worth considerably more, and he holds at least another 75,000 shares that vest over the next three years. Those shares were a bonus that went with his promotion to senior vice president of hardware engineering in August of this year.

    Analysts and traders often look to insider activity for hints about top executives and director sentiment about their company. With Mr. Riccio recently promoted to the ranks of the super wealthy, it might be harder to read the tea leaves of this transaction.

    On the one hand, selling almost 21,000 shares when the stock is down 25 percent from its high in not quite two months might suggest a lack of confidence in his company's prospects. On the other hand, as we mentioned, he's recently promoted to the ranks of the super wealthy and may simply need to buy a new house in keeping with his status.

    A quick look shows that board member Arthur D. Levinson and General Counsel Bruce Sewell have both sold shares (7,500 and 10,725, respectively) in the last month. An officer named Jeffrey Williams also sold 4,014 shares in October. It has otherwise been a slow last several months or insider selling, suggesting that executive sentiment remains robust.

    Shares of $AAPL closed slightly higher on Friday at $527.678, a gain of $2.058 (+0.39 percent), on very heavy volume of 45.2 million shares trading hands.

    11-16-12

    www.macobserver.com

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    Apple’s Bob Mansfield cashes in 35k AAPL shares, valued at $20,000,000



    First noted by The Next Web, recently promoted Bob Mansfield cashed in 35,000 shares of AAPL stock at $582.21 a share, worth a fat check of $20,377,507.50, an SEC filing revealed today. This is Mansfield’s second time cashing in the stock he was awarded in 2005; the first cash-in was in 2009.

    While Mansfield was set to retire from Apple in June, he was appointed Senior Vice President of Technologies under Apple’s major exec shake-up. The longtime-exec has 29,548 shares remaining and will gain another 150,000 shares in June of 2013 and March of 2016 if he remains with Tim Cook and Co.

    11-29-12

    9to5mac.com

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    Eddy Cue latest Apple exec to sell off company shares

    A filing with the U.S. Securities and Exchange Commission published on Tuesday reveals that Apple Senior Vice President of Internet Software and Services Eddy Cue let go of 15,000 shares of AAPL stock on Friday in a sale valued at around $8.76 million.




    Apple SVP of Internet Software and Services Eddy Cue.



    First spotted by CNet, the SEC filing noted Cue sold the stock at a price of $583.99 per share, and held only 285 shares after the selloff.

    Cue was recently tasked with taking over extra duties left behind by outgoing iOS Chief Scott Forstall, who was ousted from Apple in late October. Among the executive's new responsibilities is iOS Maps, the much bemoaned app introduced with iOS 6 in September.

    According to a report last week, Cue is "racing" to improve the app after critics and consumers panned the service for being largely incomplete and fraught with problems.

    Also under Cue's purview is Siri, Apple virtual assistant that ships with many devices in the company's mobile products lineup.

    The executive still has a bulk of 200,000 restricted stock units from 2011, half coming from his promotion in September and half being part of a bonus he received in November. The first of the restricted units are set to vest in August 2013, while the remainder will see staggered vestments through September 2016, granted Cue stays with the company.

    Cue's stock move comes just days after SVP of Technologies Bob Mansfield sold 35,000 AAPL shares worth some $20.38 million.

    12-4-12

    appleinsider.com

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    Apple execs race to sell stock before reaching the fiscal cliff



    Apple Senior VP of Internet Software and Services Eddy Cue joined the ranks of several executives looking to cash in company stock before the unknown results of the fiscal cliff are upon them.

    According to a Securities and Exchange Commission filing on Tuesday, Cue sold off a big chunk of his current shares of AAPL common stock, amounting to roughly $8.76 million.

    Just one week ago, Apple's Senior VP of Technologies, Bob Mansfield, sold 35,000 shares of the company stock valued at nearly $20.4 million, according to an SEC filing.

    This doesn't mean that either executive will be without shares for long since Mansfield is promised more restricted stock units as soon as this June and Cue as soon as August.

    The two Apple executives cashing out is more of a reflection of the concern entrepreneurs and executives are having as they are faced with the threat of skyrocketing capital gains tax rates.

    Related: CEO Ellison saves nearly $60M on early Oracle dividends

    CNBC recently reported that companies across the board are racing to beat the year-end deadline to cash out dividends, and many companies are issuing debt at a record rate.

    Oracle announced Monday that it would accelerate payment of three quarters of dividends, joining the likes of Costco and Wal-Mart with the dividend smorgasbord.

    The capital gains tax rate, which rests now at 15 percent, is set to expire Dec. 31, so we may see even more executives cashing out up to that point.

    The biggest concern for those holding onto some high-ticket stock is that the capital gains tax rate could revert to as much as 43.4 percent for the highest tax bracket — something proposed by President Barack Obama.

    12-5-12

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    Google’s Schmidt gains option to sell up to 42 percent of his stock



    Google executive chairman Eric Schmidt may end up selling 42 percent of his shares in the company under a new stock trading plan designed to diversify his investment portfolio.

    Schmidt owned approximately 7.6 million shares of class A and class B common stock as of Dec. 31, 2012, but in November he adopted a trading plan giving him the option to sell up to 3.2 million shares of class A common stock. That plan became active this month, the company announced Saturday in a filing with the US Securities and Exchange Commission.

    The trading plan is designed to allow Schmidt to diversity his investment portfolio and spread stock trades out over a period of one year to reduce the market impact, the filing said.

    The 7.6 million shares owned as of last December represented 2.3 percent of Google’s outstanding capital stock and about 18 percent of the voting power, the company reported.

    Based on Friday’s closing price of US$785.37, the sale of 3.2 million shares would bring a whopping US$2.5 billion.

    Though there is no guarantee Schmidt will sell all those shares, the plan could be seen as Schmidt beginning to “cash out a little,” said Greg Sterling, senior analyst with Opus Research.

    In fact, “I wouldn’t be surprised if he departs within 12 to 24 months,” the analyst said.

    Schmidt basically acts as an ambassador for Google with foreign governments, so it would be a natural step for him to leave and pursue a more official role as a U.S. diplomat or ambassador, Sterling said. In a closely watched move last month, Schmidt went to North Korea and met some of the country’s leaders, though he called the trip a personal one.

    On the other hand, Schmidt, who served as Google’s CEO from 2001 to 2011, could just coast with his remaining stock even if he sold the 3.2 million shares, Sterling added.

    Google will put out a separate filing with the SEC if Schmidt does sell off shares.


    2-12-13

    www.macworld.com

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