Apple CEO Tim Cook’s salary came up in the news last month when he was awarded a million shares of Apple stock. Cook cashed out a few, in addition to his many other forms of compensation.
Now here is another Apple manager who is taking advantage of Apple’s soaring stock price when he can. Vice President of iOS Scott Forstall reportedly cashed out over 64,000 Apple shares last week. He earned US $38.7 million from the sale.
Forstall is the same person who was described by Adam Lashinsky as the Apple’s CEO-In-Waiting. Forstall picked up those shares in 2008. He got 120,000 shares back then as part of a bonus, and as those just vested (minus about half for taxes), he went ahead and cashed them out. But this does not leave Forstall without an investment in the company.
Forstall still has 250,000 shares set to vest at different times in the next few years, in addition to 2,988 shares currently held. That is in addition to an annual salary of $700,000. Of course Forstall got such a huge amount of money for running Apple’s iOS division, which picked up $29 billion for Apple in just the last quarter.