Apple SVP Dan Riccio sells $11M in company stock, gives some proceeds to charityApple's recently-minted Senior Vice President of Hardware Engineering Dan Riccio sold nearly $11 million worth of company stock this week in two separate sales, with a small portion of the gains going to a charitable donation.
Apple Senior Vice President of Hardware Engineering Dan Riccio. | Source: Apple
First spotted by CNET, Riccio sold off 19,726 shares in two sales on Thursday and Friday, as well as another 1,000 shares given away as a charitable donation. At the current AAPL stock valuation, the total value of the shares sold was over $10.73 million.
None of the shares sold this week were part of the stock options Riccio received after being promoted in August alongside Apple's new SVP of Mac Software and Engineering Craig Federighi. Both executives were each awarded 75,000 shares of restricted stock, which at the time was worth well over $50 million. The first batch of 25,000 shares will vest in December 2013, with the remaining units vesting equally in April 2015 and August 2016.
Riccio recently took over for the outgoing Bob Mansfield and is now responsible for engineering all Mac, iPhone, iPad and iPod lines. Mansfield quickly came out of retirement and returned to Apple, ultimately taking on the role of SVP of Technologies following former iOS chief Scott Forstall's ouster. Mansfield is said to have netted a a two-year agreement worth $2 million a month.