Apple execs Angela Ahrendts and Bruce Sewell each sell over $10M in company stock
Apple's head of retail, Angela Ahrendts, last week sold off 75,000 shares of Apple stock to net $11.1 million, while general counsel Bruce Sewell shed 67,500 shares to gain over $10 million.
According to a Securities and Exchange Commission filing made public on Monday, Ahrendts executed a series of five transactions conducted between May 4 and May 8, each involving multiple trades at prices ranging from $145.84 to $150.89. Following the sale, Ahrendts still holds 103,116 shares worth $15.8 million at the end of trading on Monday.
The sale was accomplished according to a trading plan Ahrendts adopted in February.
Hired in 2014, Ahrendts has become the public face of Apple's retail operations.
Shortly after joining the ranks in Cupertino, Ahrendts began planning a drastic revamp of the company's brick-and-mortar operations that included "next-gen" store redesigns. The updated design language, which features high-flung ceilings with integrate light panels, a large custom television display and copious amounts of wood furniture, first launched with a new outlet in Brussels in 2015.
Ahrendts is working to transform the Apple store into a "town square" where customers can engage and interact with their local communities. As part of the new initiative, Ahrendts last month announced the "Today at Apple" program, which involves a series of 60 different educational sessions led by "Creative Pros" skilled in fields like music and photography. As part of the effort, so-called "forums" will be built into larger flagship locations to host performances by local music acts.
In a separate filing on Monday, Sewell reported a May 5 transaction executed in multiple trades at prices ranging from $148.59 to $148.895. The weighted average sale price was calculated at $148.46. After selling the securities last week, Sewell retains 141,325 AAPL shares currently worth $21.6 million.
Serving as Apple's general counsel since 2009, Sewell has long operated out of the public eye. That changed last year when the U.S. Department of Justice went to war with Apple over a locked iPhone used by a suspect in the San Bernardino terror attacks. In March of 2016, Sewell presented Apple's case for strong device encryption and personal safeguards to the U.S. House of Representatives Judiciary Committee.