Apple CFO Peter Oppenheimer sold 37,172 shares of Apple stock on Wednesday as part of a SEC Rule 10b5-1 scheduled trading plan implemented in November of 2011. The sale was disclosed in a filing with the SEC.
The sale took place the day after Apple's July earnings announcement, a profitable choice for Oppenheimer as Apple's stock jumped from $420/share to $440/share following the earnings release. The sale was executed at an average share price of $440.31.
The shares were acquired by Oppenheimer in June as part of a bonus award originally granted in November 2011.
Oppenheimer remains in possession of 4,834 shares currently worth $2.1 million. As of earlier this year, Apple executives -- other than Tim Cook -- are required to hold three times their annual base salary in Apple stock. Oppenheimer's base pay is $800,000 per year, meaning he would be required to hold $2.4 million in stock, though because of variances in Apple's stock price, Oppenheimer is likely still complying with the new requirements.
The transaction was made in accordance with SEC Rule 10b5-1, which means the executive notified the SEC of a plan to sell shares months ahead of the sale to avoid any accusations of insider trading.
Top Rated Comments
If he has a trophy wife, those are expensive!
You have to hand it to Tim thaqt he was much better in the last keynote.
Significant changes in rhythm & accent are more than evident.
He must have been seriously coached.
Tim Cook isn't much of a presenter, I don't want to go as far as saying "his passion is lacking for the products" but there's definitely something off. He just doesn't have "it".
Firsthand knowledge? lol
On a serious note, I know it shouldn't, but when these top execs at APPLE sell-off large quantities of their stock portfolio, it always somehow undermines my confidence somewhat, in APPLE as a company. They're probably just only cashing out what they're allowed, as it matures, but nevertheless.
There's always that nagging feeling, they know something we don't.
What's to discuss about that? He sold some stock, got some money, will reinvest it elsewhere like everyone else does... Articles like these, which tbh shouldn't even be on here since it's neither a rumor nor does it have anything to do with Apple products, should close the comments.