Apple's board chair & general counsel sell over $10M in personal stock

Posted:
in AAPL Investors
Two high-level people at Apple -- the chairman of Apple's board of directors, Arthur Levinson, and general counsel Bruce Sewell -- recently unloaded a combined $10.1 million in Apple shares, according to required SEC filings.




Sewell garnered $2.5 million from the sale of 23,305 shares on August 5. Levinson sold 70,000 shares, generating $7.6 million on August 9.

Sewell has served as the company's general counsel since September 2009. To the public, he may be best known for March testimony in front of the U.S. House of Representatives Judiciary Committee on Apple's behalf, regarding the ongoing encryption debate between Silicon Valley and the federal government.

Levinson has served on the Apple board of directors since 2000, and has been the chairman of the board since 2011. Levinson is also the CEO of Alphabet's Calico life-extension initiative, and serves on the Broad Institute's board of directors.
«1

Comments

  • Reply 1 of 27
    Sounds like somebody's getting a new boat.
    patchythepiratelatifbpmonstrositydjkfisherdiplicationnetmageanton zuykov
  • Reply 2 of 27
    lkrupplkrupp Posts: 9,452member
    Let the predictions of rats leaving the sinking ship begin! This is a troll's paradise guaranteed to get loads of clicks.
    JanNLmike1latifbpSolifastasleeprepressthismac_dognetmagejony0
  • Reply 3 of 27
    rogifan_newrogifan_new Posts: 4,297member
    And?
    baconstang
  • Reply 4 of 27
    radarthekatradarthekat Posts: 3,394moderator
    "Levinson is also the CEO of Alphabet's Calico life-extension initiative..."

    You'd think Apple might have learned from the Schmidt episode.  
    spice-boymac_dogtallest skillolliverRayz2016netmagejony0anton zuykov
  • Reply 5 of 27
    Probably hit the timing where they could actually cash them in - or, lawyers and those with a lot of money tend to not try to pay for anything. Maybe it caught up to them and they have to finally pay their bills.
  • Reply 6 of 27
    crowleycrowley Posts: 8,715member
    "Levinson is also the CEO of Alphabet's Calico life-extension initiative..."

    You'd think Apple might have learned from the Schmidt episode.  
    Levinson has been on the Apple board pretty much since Steve Jobs came back, and took over from his as Chairman. He's been the CEO of Calico for less than three years, and it's a biotech company, with no crossover with anything Apple does, but an area where Art knows a lot from his history with Genentech.

    I don't see any conflict of interest.

    If Apple gets into biotech or Calico moves into wearable health technology then maybe, but until then you're casting unnecessary doubt.
    edited August 2016 repressthisSolirealjustinlong
  • Reply 7 of 27
    This is not newsworthy. As I learned in school, it's only when a board member BUYS stock in the company is it noteworthy, because they know something good is coming down the pike. People sell stock for a myriad of reasons (philanthropy, gifts, large purchases, etc).
    netroxdiplicationbaconstangrevenantnostrathomasjony0
  • Reply 8 of 27
    wood1208wood1208 Posts: 2,541member
    May be part of settlement for divorce to split money or buying new house or jewellery for his secret admire. Who cares. This is no Tim Cook selling his Apple options.
  • Reply 9 of 27
    macxpressmacxpress Posts: 5,172member
    This has to mean that Apple is doomed and Tim should be fired!
    baconstang
  • Reply 10 of 27
    macxpress said:
    This has to mean that Apple is doomed and Tim should be fired!
    Only one exec needs to go, and it's not Tim.
    tallest skil
  • Reply 11 of 27
    thewhitefalcon said:
    macxpress said:
    This has to mean that Apple is doomed and Tim should be fired!
    Only one exec needs to go, and it's not Tim.
    Does his name begin with E and end with DDY
    thewhitefalconfastasleeplatifbpdaren_mitchell
  • Reply 12 of 27
    paxmanpaxman Posts: 4,670member
    And I thought this was  great time to buy Apple Stock... hmmmm.... 
  • Reply 13 of 27
    zoetmbzoetmb Posts: 2,584member
    paxman said:
    And I thought this was  great time to buy Apple Stock... hmmmm.... 
    He's probably selling because Apple stock is back up to around 108.   Or it has nothing to do with anything - he wants to raise some cash to buy a big house, boat, etc.,  or he sees some better investing opportunities with quicker opportunities for growth.   What's the point of being rich on paper if you never spend any of it?
    baconstangnetmage
  • Reply 14 of 27
    thewhitefalcon said:
    Only one exec needs to go, and it's not Tim.
    Does his name begin with E and end with DDY
    Does his last name rhyme with "Q"?
    fastasleeptallest skildaren_mitchell
  • Reply 15 of 27
    So what?
  • Reply 16 of 27
    melgrossmelgross Posts: 33,028member
    paxman said:
    And I thought this was  great time to buy Apple Stock... hmmmm.... 
    A lot of stock is in options, which are priced for the purpose of the receiver selling them at some point within a specified amount of time. The concept is that I'd a stock option is priced at $100, the intent is that the stock price will rise, giving the person a profit. But there is also a time limit within that sale must be made. Otherwise, the option expires.

    So there is that combination of price and time. Sometimes an option goes under water, which is when the price drops below the option price. Then a sale can be made as a loss, which confers a tax refund. But mostly, the stock goes up. The best time to sell is when the stock is priced as high as it can be as close to the time of expiry as possible, depending on what time of the year that may be, because of tax purposes.

    In addition, as has been mentioned here already, the person may be buying a new house, or other rather high expense.

    So these sales have nothing to do with whether Apple's stock is good to buy now.
    latifbptallest skil
  • Reply 17 of 27
    fastasleepfastasleep Posts: 5,689member
    zoetmb said:
    paxman said:
    And I thought this was  great time to buy Apple Stock... hmmmm.... 
    He's probably selling because Apple stock is back up to around 108.   Or it has nothing to do with anything - he wants to raise some cash to buy a big house, boat, etc.,  or he sees some better investing opportunities with quicker opportunities for growth.   What's the point of being rich on paper if you never spend any of it?
    Bruce probably got out the leaf blower and cleared all the money spilling out from his garage into the driveway and just realized he's got room for another Lamborghini.
    latifbpdiplication
  • Reply 18 of 27
    fastasleepfastasleep Posts: 5,689member

    macxpress said:
    This has to mean that Apple is doomed and Tim should be fired!
    Only one exec needs to go, and it's not Tim.
    Is it the lack of socks or that when he wears them, they're camouflage-patterned?
  • Reply 19 of 27
    This news means nothing without knowing how much Apple stock they still retain. 

    Levinson sold 70,000 shares
    retains: 1,133,283

    Sewell sold 23,305
    Retains 216,024

    This is a slow news day for Apple Insider. 
    anantksundaramdiplicationSpamSandwichbadmonk
  • Reply 20 of 27
    tallest skiltallest skil Posts: 43,399member
    crowley said:
    or Calico moves into wearable health technology
    Guess what wasn't a phone company until the iPhone, by the admission of its CEO.
Sign In or Register to comment.