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Apple's Chairman and Top Lawyer Cash in Combined $10M in Stock Bonuses

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Apple chairman Arthur D. Levinson and general counsel Bruce Sewell recently sold approximately $7.6 million and $2.5 million worth of company shares respectively, according to SEC documents filed electronically this week.

Levinson sold 70,000 shares of common stock on August 9 for an average price of $108.68, while Sewell disposed of 23,305 shares for an average price of $107.49 on August 5. The combined return was slightly over $10 million.

Levinson, CEO of biotech company Calico, a subsidiary of Google parent Alphabet, has served as chairman of Apple's board of directors since November 2011. The former Genentech executive has served on the board since 2000, with CEO Tim Cook praising his "enormous contributions to Apple" and "incredibly valuable" insight and leadership.

Sewell has served as Apple's general counsel, or chief lawyer in layman's terms, since September 2009. He oversees all company-related legal matters, including corporate governance, intellectual property, litigation and securities compliance, global security, and privacy, including a recent high-profile court battle with the FBI related to the intersection of national security and smartphone encryption.

Apple's senior executives and directors are commonly awarded generous stock bonuses based on performance and tenure. Last August, Cook and services chief Eddy Cue received 560,000 and 350,000 restricted stock units respectively, worth a combined $93.8 million at the time. Later in the year, Apple's recently promoted hardware chief Johny Srouji was awarded nearly $10 million in restricted stock units.

Article Link: Apple's Chairman and Top Lawyer Cash in Combined $10M in Stock Bonuses
 
Article Link
https://www.macrumors.com/2016/08/12/arthur-d-levinson-bruce-sewell-stock-sale/
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RedOrchestra

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Aug 13, 2012
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Normal course of business for those in stock option plans - make sure to take care of yourself FIRST because there's always another tranche coming down the pipe - NEVER, EVER hoard stock options.
 
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Xtremjeepn

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Mar 17, 2014
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There is no news here.

These individuals acquire large sums of Apple stock as part of their compensation.

This simply means that in order to A) spend that compensation the stock must be sold or B) to mange the risks in their own portfolios they must sell to buy other potions. It's in nobody's best interest to have all of your holdings in one company, especially when that company is also the source of your paycheck.
 
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Rogifan

Rogifan

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Nov 14, 2011
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Xtremjeepn said:
There is no news here.

These individuals acquire large sums of Apple stock as part of their compensation.

This simply means that in order to A) spend that compensation the stock must be sold or B) to mange the risks in their own portfolios they must sell to buy other potions. It's in nobody's best interest to have all of your holdings in one company, especially when that company is also the source of your paycheck.
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Hence why I don't get why these are newsworthy. This is normal course of business not I'm getting out of the stock because the ship is sinking. :rolleyes:
 
D

Drecca

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Aug 30, 2010
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budselectjr said:
FYI, most sales are planned and documented in advance and some are done solely for the purpose of paying the tax on options they have to execute.
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in most faster-paced companies, I believe that 100%. It happens all the time.

But in Apple's case, their product line is known at least ~3 years in advance. They know what's going to sell well, what isn't, planned production numbers a year ahead of time. So there's no proof they are doing insider trading, it's not hard to imagine they know exactly what they're doing
 
sulpfiction

sulpfiction

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Aug 16, 2011
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Drecca said:
in most faster-paced companies, I believe that 100%. It happens all the time.

But in Apple's case, their product line is known at least ~3 years in advance. They know what's going to sell well, what isn't, planned production numbers a year ahead of time. So there's no proof they are doing insider trading, it's not hard to imagine they know exactly what they're doing
Click to expand...

One question....Why would Apple make something that they knew wasn't going to sell well? :confused:
 
SuperCachetes

SuperCachetes

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Nov 28, 2010
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Both the headline and the article dwell on the "combined" return of the sale... Are we just trying to be super-frugal with words?

Anyway, it's a wee bit misleading and/or confusing. It's not like these two gentlemen are living together and share a checking account...
 
D

Drecca

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Aug 30, 2010
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sulpfiction said:
One question....Why would Apple make something that they knew wasn't going to sell well? :confused:
Click to expand...

They're on a forced upgrade cycle with the iPhone, which is their cash cow. Which is why the iPhone 7 is rumoured to be an extremely underwhelming update.

People on this board predicted peak iphone with the 6/6+, and we don't even have all the figures and data apple has. So if we were able to call it, I'm pretty sure board members and executives can see that coming 6 months prior.

Look, it's not possible to prove. But common sense tells me that they know when they release a hot product and when they release a lukewarm one. Their own keynotes are built all around that.
 
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magbarn

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Oct 25, 2008
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Weren't a bunch of execs also dumping stock at the end of 2012? APPL took awhile to recover from that drop.
 
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