Two Securities and Exchanges Commission filings show that Tim Cook sold a total of 60,000 AAPL shares this month – in six batches of 10,000 shares each – for a total of around $7.2M.
The sales took place on January 17/18/19/20/23/24, and were scheduled back in August 2015. It’s common practice for senior execs in publicly traded companies to schedule share sales some way in advance to avoid the appearance of insider trading.
The filings show that Cook retains 979,809 shares after these sales, with a total value of around $117M.
Cook was awarded $100M of bonus stock in August of last year for completing five years as Apple’s CEO. He sold $65M worth of shares a week later.
The CEO voluntarily opted for his stock awards to be more heavily based on the performance of the company, with its position in the S&P 500 a key indicator. He also had his pay cut last year after the company failed to hit revenue and profit goals.
Cook announced in 2015 that he would be giving away the bulk of his wealth during his lifetime through a systematic approach to philanthropy.
Photo: Fortune
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