Apple hardware SVP sells $10.7 million in stock

Dan Riccio, Apple’s new Senior Vice President of Hardware Engineering, sold $10.73 million in company stock this week.

A total of 19,726 shares were sold, with another 1,000 given away as a charitable donation. The sales took place yesterday and today, and were detailed in a regulatory filing.

This sounds like a lot, and you might think it’s the majority of shares that he would have (if you know nothing about stock, like me,) but it turns out that both Riccio, and Craig Frederhigi (SVP of Mac Software Engineering) received 75,000 shares of company stock as a part of their promotional packages in September.

Apple’s stock, however, is currently at a lower point. Riccio has definitely lost a huge amount of money from this sale, compared to if he had sold the stock at its $705 September value. Apple’s stock closed today at $528.68.

Regardless, that means Riccio’s promotion came with a potential stock value of over $30 million. Does that seem a little insane to anyone else here? Let us know in the comments.

Via: CNet

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  • Camden1

    The $30M award is fine considering how much his experience means to Apple working efficiently and how much Apple makes each day. What strikes me as really insane is that he chose yesterday and today to make the sales.

  • Jellotime91

    @Camden1 
    True. If Apple’s stock shoots back up in a few months, he will have lost a TON of money. 
     
    I don’t agree with you though that that kind of bonus is acceptable… I think it’s really greedy for Apple to be giving that much money to one person. Imagine how much money Tim Cook makes for the amount of work he does. 
     
    Capitalism blah blah blah, it’s still absurd how much money these people are making. It just goes to show how much less expensive their products could really be, how much money they are *not* spending on R&D, etc…

  • Camden1

    @Jellotime91
    Totally agree the bonus is insane. But that is the nature of the business world our capitalist system has produced. I find it “appropriate” because I think it is likely a very good business decision.

  • Camden1

    As for “It just goes to show how much less expensive their products could really be, how much money they are *not* spending on R&D, etc…”
    Sure Apple could choose to make less money, but that’s what they are legally bound to do a a public company. What they probably SHOULD do is return more of that profit to shareholders.