Former Apple exec reaps $8m in stock sale
Former Apple senior hardware executive Jonathan Rubinstein treated himself to a little retirement bonus last week, cashing in on nearly $8 million in Apple shares acquired during his tenure at the company.
Rubinstein sold 112,293 shares of Apple common stock on April 28th at market values of between $70.90 and $70.93, according to a filing with the Securities and Exchange Commission. The sale netted the former Apple hardware chief approximately $7,962,700.
All of the shares were acquired by Rubinstein under Apple's 2003 Employee Stock Plan. He retains 28,140 shares following the transaction, the filing states.
Less than two years before he retired in March of this year, Rubinstein was promoted to oversee Apple's iPod division. Prior to that, he had led all of the Cupertino, Calif.-based company's Mac hardware engineering efforts.
Often called "Ruby" by his colleagues, Rubinstein originally made his way to Apple along with Steve Jobs during the Mac maker's acquisition of NeXT in 1996. He was largely responsible for the hardware engineering efforts that helped fueled the company's return to profitability and acclaim.
Rubinstein's "genius" eventually landed him amongst Apple's elite "top five." Despite his retirement, he continues to play a semi-active role at the company, inking a consulting deal last month where he agreed to provide consulting services through April 2007.
Rubinstein sold 112,293 shares of Apple common stock on April 28th at market values of between $70.90 and $70.93, according to a filing with the Securities and Exchange Commission. The sale netted the former Apple hardware chief approximately $7,962,700.
All of the shares were acquired by Rubinstein under Apple's 2003 Employee Stock Plan. He retains 28,140 shares following the transaction, the filing states.
Less than two years before he retired in March of this year, Rubinstein was promoted to oversee Apple's iPod division. Prior to that, he had led all of the Cupertino, Calif.-based company's Mac hardware engineering efforts.
Often called "Ruby" by his colleagues, Rubinstein originally made his way to Apple along with Steve Jobs during the Mac maker's acquisition of NeXT in 1996. He was largely responsible for the hardware engineering efforts that helped fueled the company's return to profitability and acclaim.
Rubinstein's "genius" eventually landed him amongst Apple's elite "top five." Despite his retirement, he continues to play a semi-active role at the company, inking a consulting deal last month where he agreed to provide consulting services through April 2007.
Comments
So, this may be why the stock had a few dips lately. I figurred it would rocket when the $.99 deal came out and also France got a DRM clue. Maybe the Beatles will anounce their library on iTunes as part of the current lawsuit? We can hope. But, an 8M sale? That's got to have a depressing effect. Me, I buy a song on iTunes and look for a stock jump in result, but it hardly moves.
Jon probably didn't want to keep all this money in the pipeline. Everybody knows Jon likes a short pipeline. :-)
--Skittles
Originally posted by theapplegenius
I wish I could rake in 8mil on a given day.
Its a big problem, These guys getting millions while moving factories and employing the Chinaman for pennies. It time for salary caps on all these big business pigs.
Originally posted by Aurora
Its a big problem, These guys getting millions while moving factories and employing the Chinaman for pennies. It time for salary caps on all these big business pigs.
"Uh... Dude, Chinaman is not the preferred, uh. . . Asian-American... Please."
Originally posted by SpamSandwich
"Uh... Dude, Chinaman is not the preferred, uh. . . Asian-American... Please."
If it were Asian-AMERICANS being hired to make Apple products, I don't think Aurora would be at all bothered.
In fact, Chinese workers get relatively low wages for several reasons, such as a lower cost of living and a large labor pool, none of which have much to do with Rubenstein.
Originally posted by Skittles_the_cat
Jon could have made a lot more money hanging on to the stock a little longer, but then, when you still have about 2 million (current value) stock left, what's the worry?
Heh, 8m is a new yaht AND a house on Marthas Vinyard...with more than enough left over to take the entire staff of Apple Computer out for a steaak dinner...so...not bad...
Originally posted by Aurora
Its a big problem, These guys getting millions while moving factories and employing the Chinaman for pennies. It time for salary caps on all these big business pigs.
A lot of these "pigs" are enjoying the result of their hard work, unlike the sitting president, most successfull people were by no means born with a silver spoonfull of oil in their mouthes so to speak, it comes as a result of a lot of hard work, these aren't the winners of some kind of lottery! They just perusued what they loved (be it technology or money) with furver...no one should hang their heads because of the money made from helping build and / or grow a corperation, so long as the corperation produces products or services that in some way, however big or small, make life better or easier for the masses.
And about shipping jobs to china, all I can say is, look, no one would pay the prices that AAPL would need to charge to build in the USA. so lets say that Apple moves all manufacturing stateside; in 5 years they go under, then not only are the manufacturers jobless, but the programmers, designers, engineers and so on, as well as the blue coller folk who keep it running like the maintenence/facilities crew(s), janitors, grounds keepers...and dont forget the folks working tech support! Now think of all of the businesses around Apples campus that could be hurt by lack of patranage; resteraunts, gas stations, hotels/motels where people stay while doing business on the Apple campus...Oh yea, I almost forgot, the Little Guys(TM) that hold stock in Apple, be it of their own doing or within a pention/mutual fund/retierment savings plan...
These "outsourcing is going to kill us all" aguments strike me as narrow minded.