Amid last year’s market tumult, several
executives sold more stock by dollar volume than in 2021, but CEO Tim Cook held on to what he had. He hasn’t unloaded any of the shares since 2021, when the stock was soaring.
Cook recently made headlines when Apple (ticker: AAPL) reduced his compensation, at least in part at the CEO’s request. Cook will have a target compensation package of $49 million in 2023, down from a target of $84 million in 2022.
His actual take last year was $99.4 million, boosted by additional incentive compensation, putting it about flat with the $98.7 million he received in 2021. Most of his compensation both years was in the form of stock awards. For 2023, Cook’s 2023 package includes a maximum $40 million equity award, compared with $75 million targeted in 2022.
Cook’s most recent sale of Apple stock was Aug. 25, 2021, when he sold 2.4 million shares for $355 million, an average price of $148.58 each, according to a form he filed with the Securities and Exchange Commission. The sale was made through Rule 10b5-1 trading plan, which automatically executes trades when parameters set by an insider are met. The plans are intended to remove the potential for insiders to benefit from the knowledge of nonpublic corporate news. All of Apple’s top executives sell stock through such plans.
Apple stock fell last year as big tech in general tumbled, underperforming the broader market. The iPhone maker saw shares slid 27% in 2022, more than wiping out a 34% surge in 2021. Shares did worse in 2022 than the 19% slip in the
S&P 500 index,
but better than the 33% drop in the
Other Apple executives, including Chief Financial Officer Luca Maestri, general counsel Kate Adams, and senior VP for retail and people Deidre O’Brien sold more stock by dollar value in 2022 than the previous year. Chief Operating Officer Jeff Williams sold less stock in 2022 than in 2021. They gleaned higher average selling prices per share in 2022 because at times—early that year, and also in the summer—Apple stock was about flat from the end of 2021.
Maestri in 2022 sold 273,034 Apple shares for $44.4 million, an average price of $162.68 each, according to regulatory records. That compares with 2021, when he sold 286,901 shares for $40.7 million, an average price of $141.95 each.
Adams sold 256,139 Apple shares in 2022 for $38.1 million, an average price of $148.93 each, compared with 2021 sales of 76,000 shares for $10.7 million, an average price of $141.16 each.
In 2022, O’Brien sold 236,916 Apple shares for $35.3 million, an average price of $148.80 each, compared with 2021 sales of 140,777 shares for $19.7 million, an average price of $139.94 each.
Williams sold 105,901 Apple shares in 2022 for $18.8 million, an average price of $177.75 each, compared with sales of 299,696 shares in 2021 for $39.9 million, an average price of $132.98 each.
Apple didn’t respond to a request to make any of the executives available for comment.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at email@example.com and follow @BarronsEdLin.