Apple's Mac and Retail bosses cash in on over $55 million in optionsTwo of Steve Jobs' top lieutenants saw big pay days during the month of October, with Apple's Mac hardware chief and retail mastermind both cashing in on stock options that combined to total of more than $55 million.
First was Bob Mansfield, who a little over a week ago exercised 40,000 stock options at a strike price of $36.54, selling them on the open market for $308 a share to net a profit of $10,858,400 before taxes and fees, according to a regulatory filing with the Securities and Exchange Commission.
Mansfield made his way to Apple following its acquisition of Raycer Graphics in 1999 and within just a few years emerged as one of the leaders of the company's then ailing Mac division. In 2008, he was subsequently promoted to Senior Vice President of Mac Hardware Engineering, becoming the first public face of Mac systems development since the rocky departure of Tim Bucher back in November of 2004.
Since then, Jobs has entrusted Mansfield with heightened responsibilities, assigning him the new role of Apple's Senior Vice President of Mac and Devices Hardware Engineering this August to cope with the abrupt exit of Mark Papermaster, who oversaw iPod and iPhone engineering for a year and change leading up to this summer's iPhone 4 "Antennagate" debacle.
Meanwhile, Apple retail 'Genius' Ron Johnson on Thursday took receipt of his third mega-million dollar payload in as many years. According to SEC filings, he exercised 150,000 options at a strike price of $11.73, selling them in multiple trades at a weighted average of $306.07 per share to clear a whopping $44,151,000 in profit before taxes.
Johnson was lured away from Target by Jobs in 2000 to spearhead the company's fledgeling retail business. He's renowned not only for crafting an international chain of 317 retail stores that are among the world's most profitable per square foot, but also for pioneering the extremely successful "Genius Bar" concept found inside those stores, in the face of initial stiff opposition from Jobs.
Almost three years ago to the date, Johnson exercised the 700,000 options at $23.72 apiece, raking in a profit of nearly $113 million after selling the shares on the market for between $185 to $185.21. He followed that up this past March by moving 200,000 options for a profit of roughly $46 million.
In years prior, Johnson also completed sales of Apple stock for profits of $9.6 million, $22.6 million, $7 million, and 8 million, bringing his combined total of stock-based compensation while at Apple to at least $250 million.
According to filings with the SEC, Johnson still holds 232,875 beneficially owned shares of Apple.
On Topic: General
- IBM reportedly plans to purchase up to 200K MacBooks for employees
- Facebook completes first full-scale drone for spreading Internet access to remote regions
- AppleInsider podcast talks Apple Watch at Best Buy, rumored iPads, Steve Jobs movies & an Apple car
- Apple could be held liable for supporting terrorism with strong iOS encryption, experts theorize
- Apple inks deal for first major office space in San Francisco