On Friday Scott Forstall, the senior vice president of iOS Software at Apple Inc., sold 95% of his company shares. He sold 64,151 shares of Apple stock on Friday, which was worth $38.7 million at the time. Forstall was often considered as a successor to late Apple CEO Steve Jobs.
These shares were the remains of a 120,000 share retention bonus that was granted in 2008. The shares vested last month and reduced by 55,849 shares on March 24 to pay taxes. Forstall still has 2,988 Apple shares worth about $1.8 million as of Friday’s closing price.
The sale is not necessarily an indication that Forstall is planning to leave the company. He has two more retention bonuses including 100,000 restricted stock units (RSUs) granted in 2010 and vesting in 2014 and 150,000 RSUs granted in 2011 and vest in equal parts in 2013 and 2016 if he stays at the company.
Forstall’s annual salary is $700,000. Forstall’s division at the company accounts for $29 out of the $39 billion of total sales last quarter. Apple wants Forstall to stay, hence the generous salary and stock options.