As stock markets wobbled and wobbled in 2022, some Apple executives
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decided to sell their shares in accordance with the fluctuations in the dollar affected by the interest rate hikes unlike in 2021. However, CEO Tim Cook held onto what he had. He has not sold any of the shares since 2021, when the stock soared.
CEO Cook recently made headlines when Apple partially reduced his compensation. Cook will have a compensation package of $49 million in 2023, down from $84 million in 2022. His actual benefit last year was $99.4 million, boosted by More compensation. Most of his pay in both years was in the form of stock awards. Cook’s 2023 benefits package includes a maximum bonus of $40 million, compared to $75 million earmarked for 2022.
Cook’s last sale of Apple stock was on August 25, 2021, when he sold 2.4 million shares for $355 million, at an average price of $148.58 per share. The sale was made through a Rule 10b5-1 trading plan, which automatically executes trades when set parameters are met. The plans are designed to prevent the potential for insiders to benefit from the use of inside, non-public information. All of Apple’s top executives sell stock through such programs. It is not clear if Cook completed his planned sale, or if the stock did not meet his parameters.
Apple stock fell last year along with the entire technology sector. The iPhone maker has seen shares fall 27% in 2022, thus mimicking a 34% jump in 2021. Apple shares fell even more than the S&P 500 index which lost 19%, but on the other hand it did not reach the third peak of the Nasdaq which lost 33%.
Other Apple executives, including CFO Luca Mastri, general counsel Kate Adams, and senior vice president of retail and people Deirdre O’Brien sold more shares by dollar value in 2022 than the previous year. COO Jeff Williams sold fewer shares in 2022 than in 2021. Maestri sold about 273,034 Apple shares in 2022 for $44.4 million, at an average price of $162.68 each. This compares to 2021, when he sold About 286,901 shares for $40.7 million, at an average price of $141.95 each.
Adams sold about 256,139 Apple shares in 2022 for $38.1 million, at an average price of $148.93 each, compared to sales of 76,000 shares in 2021 for $10.7 million, at an average price of $141.16 each. In 2022, O’Brien sold approximately 236,916 Apple shares for $35.3 million, at an average price of $148.80 each, compared to sales of 140,777 shares in 2021 for $19.7 million, at an average price of $139.94 each. Williams sold about 105,901 Apple shares in 2022 for $18.8 million, at an average price of $177.75 each, compared to sales of 299,696 shares in 2021 for $39.9 million, at an average price of $132.98 each.
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