Wednesday, April 27, 2011, 10:45 pm PT (01:45 am ET)
Apple exec Bob Mansfield cashes in on $13.7M in stockApple Senior Vice President Bob Mansfield sold all but 501 of his shares of Apple stock for a total payout of $13.7 million dollars earlier this week, according to an SEC filing.
Mansfield has served as Apple's first Senior Vice President of Mac Hardware Engineering since 2008. He distinguished himself quickly after joining Apple during the company's acquisition of Raycer Graphics in 1999 and now reports directly to Chief Operating Officer Tim Cook.
Last August, Mansfield's role at the company was expanded to include oversight of Apple's iPod and iPhone divisions after executive Mark Papermaster abruptly left Apple because of a reported falling out with CEO Steve Jobs.
According to a recent Form 4 filing with the Securities Exchange Commission discovered by Fortune, Mansfield sold 38,863 shares of Apple stock priced at a weighted average of $351.89 for a total of almost $13.7 million. Mansfield held onto 501 shares of Apple, or roughly one percent of his Apple portfolio.
During his time at the Cupertino, Calif., company, Mansfield has been amply rewarded with stock options and stock grants. For instance, after being promoted to Senior Vice President, Mansfield was awarded a grant for 25,000 restricted Apple stock units that vested on March 24, 2010.
In October 2010, Mansfield exercised 40,000 stock options at a strike price of $36.54 to net a profit of $10.8 million before taxes and fees. Mansfield has sold close to $58.5 million worth of stock over the past three years for a net gain of $37.9 million after taxes.
After having sold off most of his liquid stake in Apple, Mansfield holds vested options to buy 30,000 shares of Apple stock at $36.54, as well as 100,000 restricted stock units that will vest in 2014 should he stay with the company.
On Topic: General
- Apple chose to handle iOS 8 rollout with own content delivery network
- Apple invents bone conducting EarPods for better iPhone noise cancellation
- Tim Cook touts new Apple privacy policies in open letter to customers
- Tim Cook explains consolidation at Apple in new interview
- Apple 'never' planned to use sapphire covers for iPhone 6 or iPhone 6 Plus - report