Apple exec Bob Mansfield sells off $20.4M worth of company stock
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.
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.
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.
Comments
Nice typo in title...
K.
There's gonna be some mighty fine gifts under the Mansfield Christmas tree this year.
"He needed the money."
"For what?"
"It doesn't matter. He can afford it."
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 a smart move. You don't want to tie most of your wealth in 1 company, no matter how high you value the company.
Considering he's getting 150,000 options in June, I don't blame him for selling some now.
He looks like Steve Ballmer with hair
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?
Quote:
Originally Posted by JDW
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.
Ah, selling off the stock is the cue he's being fired.
Originally Posted by drobforever
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.
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.
Quote:
Originally Posted by JDW
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.
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