Apple's top executives sold off their newly-vested stock this week, and changed the rules for future rewards based on performance. June 21, 2013 3:00 PM PDT (Credit: James Martin/CNET) Apple executives sold off millions in previously restricted stock this week, cashing in on bonuses that were handed out in 2011 and intended to keep them there through 2016 and beyond. The company also modified its pay structure to take into account performance, potentially limiting what executives can make off their bonuses. This measure was approved by Apple's board on Friday, the company said in a filing, while noting that CEO Tim Cook -- who sold more than $17 million in stock awards this week -- was applying it to his existing and future stock awards. All told, the sales Apple reported on Friday work out like this: Tim Cook (CEO): $17,115,178.50 in sharesPeter Oppenheimer (CFO): $15,641,878 in sharesBruce Sewell (General Counsel): $15,641,878 in sharesBob Mansfield (Technologies SVP): $5,981,277.50 in sharesJeff Williams (Operations SVP): $15,787,843.50 in sharesPhil Schiller (Marketing SVP): $16,287,540 in shares Combined, it works out to more than $86.45 million. In Cook's case, he's got serious incentive to stick around with some 800,000 restricted stock units that are set to finish vesting in annual chunks of 80,000 through the fall of 2021. That reward was previously time-based, meaning that if Cook simply stayed on, he'd receive the full amount, something that's no longer the case as part of the changes. Cook also won't receive more than the original amount, the company said. Developing...
Apple's top executives sold off their newly-vested stock this week, and changed the rules for future rewards based on performance.
Apple executives sold off millions in previously restricted stock this week, cashing in on bonuses that were handed out in 2011 and intended to keep them there through 2016 and beyond.
The company also modified its pay structure to take into account performance, potentially limiting what executives can make off their bonuses. This measure was approved by Apple's board on Friday, the company said in a filing, while noting that CEO Tim Cook -- who sold more than $17 million in stock awards this week -- was applying it to his existing and future stock awards.
All told, the sales Apple reported on Friday work out like this:
Tim Cook (CEO): $17,115,178.50 in shares
Peter Oppenheimer (CFO): $15,641,878 in shares
Bruce Sewell (General Counsel): $15,641,878 in shares
Bob Mansfield (Technologies SVP): $5,981,277.50 in shares
Jeff Williams (Operations SVP): $15,787,843.50 in shares
Phil Schiller (Marketing SVP): $16,287,540 in shares
Combined, it works out to more than $86.45 million.
In Cook's case, he's got serious incentive to stick around with some 800,000 restricted stock units that are set to finish vesting in annual chunks of 80,000 through the fall of 2021. That reward was previously time-based, meaning that if Cook simply stayed on, he'd receive the full amount, something that's no longer the case as part of the changes. Cook also won't receive more than the original amount, the company said.
Developing...
