As part of a pre-arranged financial planning maneuver, Apple CEO Tim Cook sold 30,000 shares of Apple this week netting the executive more than $3.6 million. SEC filings show that Cook made the sales on January 17th through the 19 with 10,000 shares sold each day. The average price of the transactions came to $120 a share. Last year, Cook received 1.26 million Restrictive Stock Units (RSU) consisting of 980,000 shares based on his longevity at Apple and 280,000 shares based on the company's performance.
After the recent transactions, Cook still owns 1,009,809 shares of Apple, valued at more than $121 million. But this is a well that will replenish as far as Cook is concerned. 700,000 RSUs will vest on August 24th, 2021. Five annual installments of performance based RSUs run through 2021.
While the stock sales this month were pre-arranged, they took place following the announcement that Cook received a pay cut of $1.5 million after Apple failed to meet certain goals for revenue during 2016. Last year, Apple reported consecutive quarters with a drop in iPhone sales on a year-over-year basis. Previously, Apple had never reported such a drop in revenue related to iPhone sales.