AppleInsider Staff
Two members of Apple's Board of Directors, Millard Drexler and William Campbell, sold company stock worth over $19 million this week, according to a filing with the U.S. Securities and Exchange Commission.
The SEC filings, published on Wednesday, note Monday as the execution date for both Drexler and Campbell's trades, which were together worth $19.03 million.
Drexler's selloff accounted for a bulk of the combined assets, with the current CEO of J. Crew Group gaining over $14.6 million after trading a total of 32,562 AAPL shares at prices ranging from about $448 to $449. As noted by the SEC, the transactions were executed in multiple trades, with reported prices reflecting the weighted average sale price.
As for Campbell, the current Chairman of the Board at Intuit sold exactly 10,000 shares in two separate batches for a total of $4.4 million. The Apple board director executed his trades at average weighted prices ranging from $440 to $441.
The traded common stock came from the two board members' Director Stock Options.
Wednesday's trades comes less than one week following a selloff worth nearly $16.4 million by the company's chief financial officer Peter Oppenheimer.
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15 Comments
Two members of Apple's Board of Directors, Millard Drexler and William Campbell, sold company stock worth over $19 million this week, according to a filing with the U.S. Securities and Exchange Commission.
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As for Campbell, the current Chairman of the Board at Intuit sold exactly 10,000 shares in two separate batches for a total of $4.4 million. The Apple board director executed his trades at average weighted prices ranging from $440 to $441.
William V. Campbell sold Mac users of Quicken down the road for a lot less than that. FoS or no, it is an embarrassment to have him on Apple's Board of Directors.
Maybe that will be enough to retire with, so he can go back to his forte, coaching losing football teams.
Are they telling us something? This is as good as AAPL will get? I should have sold in the high six-hundreds but got greedy and missed the peak. Maybe I should follow their lead and dump it now
The assumptions made about this are striking and rather narrow in scope. To guess that we might know the motivations of any seller is a fools errand.
Apple shares trade in the 10s of millions daily. Should we make assumptions about all those buys and sells as well. Board members and stock holders alike have financial obligations like the rest of us - nuff said.
Are they telling us something? This is as good as AAPL will get? I should have sold in the high six-hundreds but got greedy and missed the peak. Maybe I should follow their lead and dump it now
AAPL will be fine...
[quote name="theCore" url="/t/158814/apple-board-members-exercise-options-sell-off-aapl-stock-worth-combined-19m#post_2371722"]The assumptions made about this are striking and rather narrow in scope. To guess that we might know the motivations of any seller is a fools errand. Apple shares trade in the 10s of millions daily. Should we make assumptions about all those buys and sells as well. Board members and stock holders alike have financial obligations like the rest of us - nuff said. [/quote] While it's true that board members have financial obligations, they're missing the boat. Most companies have requirements that the board and senior execs hold a certain amount of the company's stock. Apple apparently does not. Typically, when a stock vests, it is not uncommon to sell about 1/3 of it to cover tax obligations. Even in a high tax state like CA, selling half would cover the tax obligations. There is no reason why execs should be selling ALL of their stock - as Cook and Oppenheimer apparently have done. I'm not sure if the board member here sold all of his stock. For someone in a high level position in this large of a company, requiring them to own a significant amount of shares (often 1-2 x annual salary, phased in over several years) is not the least bit unreasonable. Apple's missing the boat by not requiring it.