Maylin
On Thursday last week, the Senior Vice President of Apple’s retail, the senior vice President of Apple’s Worldwide Product Marketing Phil Schiller, Bertreand Serlet - the Senior Vice President of Software Engineering and fourthly, Sina Tamaddon -Applications, Senior Vice President, all of whom delved into their restricted stock units to convert the shares for tax purposes. Apple’s chief executive Steve Jobs is an exception.
In accordance to SEC information, as the restricted stock units were set to expire, the above mentioned were forced into action. Each of them retained a Hundred and thirty six thousand and three hundred forty one (136,341) shares and made a hefty decision to surrender the remaining hundred and thirteen thousand and six hundred and fifty nine shares at $139.53 of each share.
Tony Fadell, the senior vice president of one of Apple’s best selling iPod division also had to convert around 100,000 of the restricted stocks to shares. He then made a disposal of around 47,450 of them for $139.53 as the taxman’s bite off the Apple and retained the rest 54,250.Tim Cook, Chief Operating Officer converted 300,000 restricted units of stocks into share and went ahead to sell all of them at around $133.79 and $140.76 per share in the open market.
Using a part of the shares to pay off the taxes and the rest in arrangement with their plans, Chief Financial Officer of Apple Peter Oppenheimer sold 136,341 shares in the open market for a total of a nineteen million profit while Ive, the Industrial Design Vice President made a net profit of around fifteen million.
April 10, 2008
I think that it’s only fair that they pay some taxes like the other normal citizen does. Who do they think they are if they wouldn’t pay their own tax at all? It’s not fair that Steven Jobs aren’t also converting for the taxes. What made him so especial aside from the fact that he is their president?
May 10, 2008
Yeah I agree. Everyone should pay taxes it doesn’t matter that you are the president of the company. They shouldn’t get special consideration from the taxman because of the company. We need to have him pay his taxes and not think that he can get away with it.
May 24, 2008
This is a really good example of how even the big businesses have to deal with taxes and it causes them a hassle as well. In a sense it allows the consumers to be more able to relate to them. Good article, I am glad you’ve chosen to cover this topic. Everyone should be paying taxes and although businesses are exempt from a lot of things they are included.