Five Apple executives reaped big gains in September, and it wasn’t due to sales of its new bendy iPhones or excitement about the upcoming Apple Watch.
Barrons reports that five insiders, including CEO Tim Cook, unloaded $143 million in stock between Sept. 5 and 22. (The Apple product launch event, at which Cook announced the iPhone 6, iPhone 6 Plus, and Apple Watch, was September 9.) They sold their shares through 10b5-1 planned sales, a Securities Exchange Commission rule that allows executives to set up trading plans to sell stock they own and avoid accusations of insider trading.
According to the report:
- Cook sold 348,425 shares for $35,250,297 (average share price of $101.16). He has a remaining stake of 950,767 shares, or less than 1%.
- Senior vice president of operations Jeffrey E. Williams sold 348,846 shares for $35,233,446.
- Bruce D. Sewell, general counsel and senior vice president of legal and government affairs, sold 348,846 shares for $35,393,915.
- Senior vice president of worldwide marketing Phil Schiller sold 348,846 shares for $35,256,000.
- Chief financial officer Luca Maestri sold all 16,374 shares he owned for $1,631,286.