or Connect
AppleInsider › Forums › General › General Discussion › Apple exec Bob Mansfield sells off $20.4M worth of company stock
New Posts  All Forums:Forum Nav:

Apple exec Bob Mansfield sells off $20.4M worth of company stock

post #1 of 22
Thread Starter 
A filing with the U.S. Securities and Exchange Commission revealed that Apple's Senior Vice President of Technologies Bob Mansfield sold 35,000 shares of AAPL stock valued at just under $20.38 million on Wednesday.

Bob Mansfield
Apple SVP of Technologies Bob Mansfield.


According to the SEC filing, first spotted by The Next Web, the longtime Apple executive still has 29,548 shares left, with another 150,000 in options coming in June 2013 and March 2016 as long as he continues working for the company. Mansfield sold off the chunk on Wednesday at a price of $582.21.

The former SVP of Hardware Engineering retired in June, only to return to Apple one month later as a special advisor to CEO Tim Cook. Mansfield is allegedly receiving $2 million per month to stay on and was later given the title of SVP of Technologies after iOS chief Scott Forstall was ousted from the company.

As chief of the new Technologies division, Mansfield is in charge of Apple?s wireless teams, which are now covered under one umbrella group, as well as the company's semiconductor teams.
post #2 of 22
Damnnnnnnnnnnnnnnnnn
In a world of universal deceit, telling the truth is a revolutionary act.
Reply
In a world of universal deceit, telling the truth is a revolutionary act.
Reply
post #3 of 22

Nice typo in title...

post #4 of 22
With the holdings he has, this is most likely a move based on tax liability of his options. Must be nice to have that kind of tax bill!
post #5 of 22

K.

post #6 of 22

There's gonna be some mighty fine gifts under the Mansfield Christmas tree this year.

Better than my Bose, better than my Skullcandy's, listening to Mozart through my LeBron James limited edition PowerBeats by Dre is almost as good as my Sennheisers.
Reply
Better than my Bose, better than my Skullcandy's, listening to Mozart through my LeBron James limited edition PowerBeats by Dre is almost as good as my Sennheisers.
Reply
post #7 of 22
It seems like those company executives that are not being ousted are selling shares. Unloading over half of one's stake is hardly for tax purposes.
post #8 of 22

"He needed the money."

"For what?"

"It doesn't matter. He can afford it."

"Apple should pull the plug on the iPhone."

John C. Dvorak, 2007
Reply

"Apple should pull the plug on the iPhone."

John C. Dvorak, 2007
Reply
post #9 of 22

In light of the axing of Scott Forstall, these high dollar stock selloffs would appear a worrisome thing, making one to suspect trouble within Apple.  The media only propagates such fear-mongering with statements like, "With Steve Jobs out of the picture, Apple has lost its way" -- exploiting problems such as iOS Maps.   But the main reason AAPL has been taking a hit lately (aside from the media-driven fear-mongering, and the market itself being down) is the fact that the current administration in the United States is going to raise Capital Gains taxes.  And although it is possible that a switch to a new administration 4 years hence would once again lower Capital Gains rates, it's most likely that current Apple execs would want to sell some shares before then.  As such, these Apple execs keep more of their money by selling now.

 

No doubt there are other Apple execs mulling a sell.  They are probably weighing the potential gains in AAPL share price versus higher taxes over the next 4 years.

post #10 of 22

It's a smart move. You don't want to tie most of your wealth in 1 company, no matter how high you value the company.

post #11 of 22

Considering he's getting 150,000 options in June, I don't blame him for selling some now. 

post #12 of 22

He looks like Steve Ballmer with hair lol.gif

Shut up and go away, you useless, pathetic FUDmonger - Tallest Skil
Reply
Shut up and go away, you useless, pathetic FUDmonger - Tallest Skil
Reply
post #13 of 22
Quote:
Originally Posted by JDW View Post

In light of the axing of Scott Forstall, these high dollar stock selloffs would appear a worrisome thing, making one to suspect trouble within Apple.  The media only propagates such fear-mongering with statements like, "With Steve Jobs out of the picture, Apple has lost its way" -- exploiting problems such as iOS Maps.   But the main reason AAPL has been taking a hit lately (aside from the media-driven fear-mongering, and the market itself being down) is the fact that the current administration in the United States is going to raise Capital Gains taxes.  And although it is possible that a switch to a new administration 4 years hence would once again lower Capital Gains rates, it's most likely that current Apple execs would want to sell some shares before then.  As such, these Apple execs keep more of their money by selling now.

That doesn't make sense.

First, why would Apple take a 25% hit when even the most pessimistic estimates are that capital gains taxes would go up from 15% to 20-22%. Nothing more than a 7% hit would make sense if taxes were the reason.

Second, why would Apple stock be hit when other stocks that have risen rapidly are not?
"I'm way over my head when it comes to technical issues like this"
Gatorguy 5/31/13
Reply
"I'm way over my head when it comes to technical issues like this"
Gatorguy 5/31/13
Reply
post #14 of 22
Quote:
Originally Posted by JDW View Post

In light of the axing of Scott Forstall, these high dollar stock selloffs would appear a worrisome thing, making one to suspect trouble within Apple.  The media only propagates such fear-mongering with statements like, "With Steve Jobs out of the picture, Apple has lost its way" -- exploiting problems such as iOS Maps.   But the main reason AAPL has been taking a hit lately (aside from the media-driven fear-mongering, and the market itself being down) is the fact that the current administration in the United States is going to raise Capital Gains taxes.  And although it is possible that a switch to a new administration 4 years hence would once again lower Capital Gains rates, it's most likely that current Apple execs would want to sell some shares before then.  As such, these Apple execs keep more of their money by selling now.

 

No doubt there are other Apple execs mulling a sell.  They are probably weighing the potential gains in AAPL share price versus higher taxes over the next 4 years.

 

It's not just Apple execs.

 

Anybody with anything to lose with the changes coming are doing what their smart accountants advise:

 

http://au.ign.com/articles/2012/11/30/is-this-the-real-reason-why-george-lucas-sold-star-wars-now

 

Not really much of a story, and nothing to be concerned about within Apple.

 

Keeping the highest percentage of your wealth is just the new black.

Smoke me a kipper. I'll be back for breakfast.
Reply
Smoke me a kipper. I'll be back for breakfast.
Reply
post #15 of 22

Ah, selling off the stock is the cue he's being fired.


Originally Posted by drobforever View Post
It's a smart move. You don't want to tie most of your wealth in 1 company, no matter how high you value the company.

 

Mr. Applebaum would disagree, I think. Stock-wise, at least.

post #16 of 22

He deserves it. If you disagree, then at least admit you are a socialist, or move somewhere in the EU, or maybe just give up and move to China.

 

Maybe it's a coincidence, but I would guess this has a lot to do with the upcoming Fiscal Cliff issue and the likelihood that taxes will increase. These sorts of sell-offs and such will be happening a LOT in the next month.

post #17 of 22
Quote:
Originally Posted by JDW View Post

In light of the axing of Scott Forstall, these high dollar stock selloffs would appear a worrisome thing, making one to suspect trouble within Apple.  The media only propagates such fear-mongering with statements like, "With Steve Jobs out of the picture, Apple has lost its way" -- exploiting problems such as iOS Maps.   But the main reason AAPL has been taking a hit lately (aside from the media-driven fear-mongering, and the market itself being down) is the fact that the current administration in the United States is going to raise Capital Gains taxes.  And although it is possible that a switch to a new administration 4 years hence would once again lower Capital Gains rates, it's most likely that current Apple execs would want to sell some shares before then.  As such, these Apple execs keep more of their money by selling now.

 

No doubt there are other Apple execs mulling a sell.  They are probably weighing the potential gains in AAPL share price versus higher taxes over the next 4 years.

Then put your money where your mouth is, buy some 1-years puts on AAPL, and move on.... and come back and tell us in a year how it worked out for you.

post #18 of 22
Good on ya Bob.
post #19 of 22
Everybody chill. He's just buying a boat or a new house or a small country.
post #20 of 22
Or all of the above.

1wink.gif
Smoke me a kipper. I'll be back for breakfast.
Reply
Smoke me a kipper. I'll be back for breakfast.
Reply
post #21 of 22

He's just selling them in case the Bush tax cuts are repealed at the end of the year.  Capital gains taxes go from 15% to 20%.  So, he's saving a good chunk of money by cashing out now.

 

http://www.npr.org/blogs/itsallpolitics/2012/11/29/166150808/why-dividends-capital-gains-are-big-part-of-fiscal-cliff-talks

post #22 of 22
Quote:
Originally Posted by jragosta View Post

That doesn't make sense.
First, why would Apple take a 25% hit when even the most pessimistic estimates are that capital gains taxes would go up from 15% to 20-22%. Nothing more than a 7% hit would make sense if taxes were the reason.
Second, why would Apple stock be hit when other stocks that have risen rapidly are not?

It makes reasonable sense when you understand AAPL stock and it's historical volatility, combined with the state of the market now in light of the administration being reelected under the promise of "taxing a select few rich folks." That sounds good during campaign time to get one elected, but most of the American people actually fall into the "middle-class" — a group of people who know they're not going to outpace inflation by keeping their money in a liquid condition in a cash bank account, so they have mutual funds and other individual stock investments to keep their nest egg alive through the years. In other words, the middle class, in terms of the sheer number of people, are more impacted by a capital gains tax increase than the so-called "rich." As such, you're seeing a large number of every day, middle-class people who read the news, panic, and then selloff stocks. Of course there are the hedge funds and the rich folks who are doing that as well. And all of this influences Apple execs who are pondering very seriously about selling their stock or part of their stock sometime over the next couple years. And if you as an Apple exec want to sell over the next couple years so so can buy a new house or something fancy want, are you going to do that when you stand to lose the least amount of money to the federal government, especially when it's clear from the present financial crisis that the federal government isn't the wisest manager of money. And so, given the truth in that present situation, there is no logical reason to limit a stock drop to a mere "7%." You cannot always looked historical selloffs to judge an existing selloff.

Quote:
Originally Posted by anantksundaram View Post

Then put your money where your mouth is, buy some 1-years puts on AAPL, and move on.... and come back and tell us in a year how it worked out for you.
You made a huge assumption by suspecting that I did not do that. I in fact saw AAPL fall from near $700 per share levels down to $640 a share. I bought a few thousand dollars of additional AAPL stock at that time. I'm not really that concerned though, since I've been an Apple shareholder since 1999, never selling any of my shares throughout the years. In light of how well the companies doing, despite the stock drops, it makes sense to own the stock in anticipation of inevitable future gains. Nothing is ever "guaranteed" in the US stock market, but I still feel strongly that there's more potential for gain in AAPL stock than in many other stocks, and I say this as someone who owns many other stocks and who keeps an eye on the portfolios of rich folk like Bill Gates and Warren Buffett. Once the effects of this recent presidential election blow over, I see the stock doing well, heading towards $1000 a share again. And look at how well the stock is doing now, now that the initial panic has subsided. I'm still have a loss on the recent share purchase I made, but all my previous AAPL purchases have a combined closing in on 800%.

You may find some so-called stock analysts and experts who disagree with this assessment, but my own portfolio has been benefitted by the age old maxim, "patience is a virtue." If you are patient through the dips and continue holding your AAPL shares, the stock will eventually come roaring back. There's really no reason to think otherwise. Before he died, Steve Jobs left Apple with a lot of great ideas that are still yet unimplemented and unreleased. I think that extends beyond mere TV set. Plus, think of all the cash that Apple has, and think of all the sales that they're continuing to make despite the bad economy. Apple is also paying out dividends now, which has a big impact on those of us who holds a substantial amount of Apple shares, thereby encouraging people to retain the stock. That something important in light of the fact that most banks and CDs pay virtually nothing in interest now, and people are looking for ways to boost their portfolios to keep pace with inflation.

But as I've already said, in the short term anyway, there are a lot of people (including hundreds of thousands of Americans who both voted for and against for the current administration) who are making a decision to sell now mainly because of the current administration's promised to raise capital gains taxes combined with the fact that these people are not patient enough to retain the stock until a new administration comes in who will most likely lower the capital gains tax rates again at that time. I very strongly think that the selloff would not be occurring now if the current administration was going to maintain or decrease capital gains taxes.

Even after reading all this may not make sense to a lot of you, and on some level it doesn't make complete sense to me either, but the explanation is that most people tend to act like "cattle" whenever there's bad news and a tiny bit of a selloff occurring. But again, just hold the stock and it will come roaring back.
Edited by JDW - 12/1/12 at 2:03pm
New Posts  All Forums:Forum Nav:
  Return Home
  Back to Forum: General Discussion
AppleInsider › Forums › General › General Discussion › Apple exec Bob Mansfield sells off $20.4M worth of company stock