Wednesday, May 2, 2012

Scott Forstall - Senior Vice President Of Apple Sells 64,151 Shares Worth $38.7 Million

Apple's SVP, Scott Forstall Sold 64,151 Shares Worth $38.7 Million

Often considered as the successor of Steve Jobs and Tim Cook, Scott Forstall the senior vice president of Apple SVP has sold a major portion of his shares, taking the advantage of Apple's healthy stock value. Scott Forstall sold 64,151 shares at a price ranging in between $601 to $605. His 64,151 shares summed to $38.7 Million. Forstall still has 2,988 shares the current price of which is $1.8 Million.

This doesn't mean that Scott Forstall is planning to quit Apple, its just that he grabbed an apple at the right moment. According to Fortune, these shares were the remains of a 120,000-share retention bonus that was granted in 2008, vested last month and reduced by 55,849 shares on March 24 to pay taxes. 

Although the sale represented 95% of Forstall's current Apple holdings, that doesn't mean he's getting ready to leave the company. He has two more retention bonuses in the wings:
  • 100,000 restricted stock units (RSUs) that were granted in 2010 and vest in 2014
  • 150,000 RSUs granted in 2011 that vest in equal parts in 2013 and 2016, provided he stays with the company

Source : Fortune
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