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Wednesday, February 09, 2005, 05:00 am PT (08:00 am ET)

Apple Exec reaps additional $2.3M stock profit

Apple executives continue to cash in on stock options this month as the company's stock sets record highs.

Phil Schiller, Apple's Senior Vice President of Worldwide Product Marketing, has added another $2.3 million to his wealth, according to calculations by AppleInsider from ownership statements filed with the U.S. Securities and Exchange Commission.

On February 4th, Schiller sold a combined 75,000 shares of employee stock options, which he purchased at $47.43 a share. Schiller sold the options between $78.18 - $78.31 a share, making a profit of around $30 a share, for a total gain of $2,313,828.82.

Last fall, Schiller exercised an initial 286,250 employee stock options for a profit of $8,036,714.10. Combined with his latest transaction, Schiller has reaped a total profit of over $10,350,542.00 over the last four months.

Jon Rubinstein, Apple's Senior Vice President of Hardware Engineering, has also added to his profits in recent weeks. According to SEC filings, Rubinstein on January 27th sold a combined 9517 shares of stock worth $688,679.95. Because these shares were acquired under Apple's Employee Stock Purchase Plan, the filing does not list the purchase price of the shares, and therefore precise profit calculations cannot be made.

Last month Rubinstein sold 250,000 shares of employee stock options, for a profit of over $13,000,000.00.

Apple stock yesterday rose 2.48%, or $1.96 a share, to close at a new all-time high of $80.90.