Restricted stock options for six senior Apple execs vested this month, becoming common stock units with a value of around $13.6 million per person.
The executives in question include Apple COO Jeff Williams, SVP and General Counsel Bruce Sewell, SVP of Worldwide Marketing Phil Schiller, SVP of Internet Software and Services Eddy Cue, SVP of Software Engineering Craig Federighi, and SVP of Hardware Engineering Dan Riccio.
Apple’s Retail SVP Angela Ahrendts and the company’s CFO Luca Maestri also received vested stock options, although these “only” amounted to around $6 million each. We guess they’ll have to opt for the smaller iPhone 8 this September!
What goes up must… keep going up?
The options in question were doled out in 2014. The advance vesting date of stock options means that recipients don’t have direct control over how stock prices will be doing when the stock is converted into common stock that can be sold, other than working hard to ensure that prices keep on climbing.
If any of Apple’s senior execs do have a major would-be purchase burning a hole in their pocket, the stock vesting comes at the perfect time since shares in Apple have recently been climbing to a new all-time high. This is partially due to major endorsements from mega-investor Warren Buffet and Wall Street firm Morgan Stanley, although excitement over the next-gen iPhone certainly has a lot to do with it.
The recent vesting date comes after Apple executives received lower levels of compensation for 2016, based on the the company missing revenue and profit goals.
Via: Apple Insider