Apple executive sells US$11m in company stock

19 November, 2012 by Macworld Australia Staff

Apple’s new Senior Vice President of Hardware Engineering Dan Riccio has sold close to US$11 million worth of Apple shares, donating a percentage to charity.

According to a CNET report, Riccio sold 19,726 shares on Thursday and Friday, alongside another 1000 with those profits going to charity. Riccio was given 75,000 shares in September as a part of his promotion to hardware chief, worth just over US$50 million, however those stocks cannot be exchanged until December 2013.

Riccio and Craig Federighi were promoted to Apple’s executive team in August, with Federighi becoming Apple’s new Vice President of Mac Software Engineering. Federighi received another promotion in October in an executive reshuffle, that saw the SVP assume the majority of responsibilities of outgoing iOS chief Scott Forstall.

Apple shares finished last week on a high, rising US$2.06 to US$527.68. However the share price is significantly lower that it was two months ago, reaching US$702.10 on September 19.



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