Tuesday, October 25, 2005, 09:00 am PT (12:00 pm ET)
Apple execs rake in millions from stock optionsWith shares of Apple trading near an all-time high, at least four senior company executives in recent months have cashed in 100,000 or more of their stock options to realize millions of dollars' worth of gains.
According to a report on TheStreet.com, Apple CFO Peter Oppenheimer last week exercised 750,000 options options for a profit of $32 million.
Oppenheimer's sales came as part of a series of transactions made beginning last Monday, the report says. "They represented the first time Oppenheimer, who has been with the company since 1996, had exercised a significant number of options. The options he exercised were not in danger of expiring in the near future."
The transactions have reportedly left Oppenheimer with a mere 14,143 share of company stock.
An Apple spokesman would not discuss Oppenheimer's reasons for selling, but said: "It's great to see our management team get rewarded for their incredibly hard work by selling some of their stock."
Other Apple executives who have exercised options recently include Avadis Tevanian Jr., the company's chief software technology officer; Ronald Johnson, senior vice president in charge of Apple's retail operations; Bertrand Serlat, senior vice president of software engineering; and Nancy Heinen, the company's general counsel.
The TheStreet.com report says that Tevanian has sold the most stock and seen the biggest gains, cashing in 900,000 options since mid-August for about $36.5 million, while Johnson cashed in 750,000 shares in August for a $22.6 million profit. Additionally, Serlat exercised 140,000 options over the past three months for about $5.1 million in gains while Heinen cashed in 125,000 options for a cool $4.7 million.
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