Apple marketing chief nets $5.6M on stock sale
Apple's Senior Vice President of Worldwide Product Marketing Phil Schiller is the latest company executive to reap the benefits of Apple's stock-based compensation plan.
Pursuant to a trading schedule he established late last year, Schiller this month sold a total of 98,125 shares of Apple stock at prices between $57.10 and $57.34, generating approximately $5,614,900.
All 98,125 shares were acquired by him under Apple's 2003 Employee Stock, regulatory filings with Securities and Exchange Commission revealed. Following the sale, Schiller retains 256 shares granted to him under the plan.
This latest sale lifts the Apple marketing chief's two-year stock profit total to over $15,000,000, according to calculations performed by AppleInsider.
In the fall of 2004, Schiller exercised 286,250 employee stock options and generated more than $8,000,000 in profit. Four months later, he sold 75,000 shares for an additional $2,300,000 gain.
In addition to his usual duties of guiding Apple's marketing divisions, Schiller is currently overseeing the role of marketing director in Japan with the recent resignation of Yoshiaki Sakito.
Schiller is also the highest-level Apple executive who was not named in either of the recent derivative lawsuits filed by investors against current and former company executives and board members.
Pursuant to a trading schedule he established late last year, Schiller this month sold a total of 98,125 shares of Apple stock at prices between $57.10 and $57.34, generating approximately $5,614,900.
All 98,125 shares were acquired by him under Apple's 2003 Employee Stock, regulatory filings with Securities and Exchange Commission revealed. Following the sale, Schiller retains 256 shares granted to him under the plan.
This latest sale lifts the Apple marketing chief's two-year stock profit total to over $15,000,000, according to calculations performed by AppleInsider.
In the fall of 2004, Schiller exercised 286,250 employee stock options and generated more than $8,000,000 in profit. Four months later, he sold 75,000 shares for an additional $2,300,000 gain.
In addition to his usual duties of guiding Apple's marketing divisions, Schiller is currently overseeing the role of marketing director in Japan with the recent resignation of Yoshiaki Sakito.
Schiller is also the highest-level Apple executive who was not named in either of the recent derivative lawsuits filed by investors against current and former company executives and board members.
Comments
Originally posted by rwintheiser
I for one think that this is not news. These guys work in a company that provides stock options (my first house downpayment came from the same kind of compensation) and he is just taking his compensation. If the company was going under, yes maybe, but all is well.... and the execs are reaping their just rewards.
Agreed. If he was named in the stock option fiasco, then it might be a different story, but all this article is really saying is "hey, a guy who's allowed to exercise his options just did! Isn't that exciting!?" (Though I gotta admit making $5.6M off of options would really make MY day!!)
I'm surprised Kasper even had the time to post this article, what with all the Q3 reviews and whatnot coming out this week.
Originally posted by jamezog
Agreed. If he was named in the stock option fiasco, then it might be a different story, but all this article is really saying is "hey, a guy who's allowed to exercise his options just did! Isn't that exciting!?" (Though I gotta admit making $5.6M off of options would really make MY day!!)
I'm surprised Kasper even had the time to post this article, what with all the Q3 reviews and whatnot coming out this week.
When these options are exercised, how do they avoid the enormous tax liabilites? Any CPA's with an opinion?
Originally posted by SpamSandwich
When these options are exercised, how do they avoid the enormous tax liabilites? Any CPA's with an opinion?
Schiller forfeited nearly half of the 250,000 share grant back in March in order to meet the tax obligations on the entire grant. So it was taken care of already.
http://www.appleinsider.com/article.php?id=1637
Best,
K
Originally posted by FormerLurker
He's a Phillionaire!
Boy, I could do with somma dat doe!