iOS boss cashes in shares, pockets $38.7 million

By , May 2, 2012

Scott Forstall, who heads the team behind the software that powers iOS devices, by far Apple’s most profitable division, has recently sold 64,151 shares worth roughly $38.7 million, a new filing with the U.S. Securities and Exchange (SEC) commission has revealed.

Cook, identified as Apple’s CEO-in-waiting in Adam Lashinsky’s Inside Apple book, still holds nearly $2 million worth of shares plus retention bonuses worth over a quarter billion dollars provided he stays with Apple and the company does emerge as the world’s first trillion dollar corporation

According to a SEC filing discovered by Philip Elmer-DeWitt over at the Fortune blog, the 64,151 shares Forstall sold are valued at approximately $38.7 million:

Fostall’s boss, the Apple CEO Tim Cook, recently vested more than $96.2 million worth of Apple shares.

The Apple Leadership page lists the 43-year-old engineer in the top row, indicating his importance in company hierarchy. Apple credits him with heading the team responsible for delivering “the software at the heart of Apple’s revolutionary iPhone including the user interface, applications, frameworks and the operating system”.

And how much is leading the iOS team worth in terms of annual salary? Well, think approximately $700,000 a year.

The iOS chief also enjoys two new retention bonuses which are scheduled to vest in 2013, 2014 and 2016, provided he stays with the company.

Together, they represent 250,000 restricted stock units and could be potentially worth over a quarter billion dollars in case Apple hits the $1,000 a share milestone.

That’s a very powerful incentive to stay loyal to Apple.

Lashinsky noted in his book on Apple that Forstall amassed tremendous influence as iOS devices have grown rapidly to become the most profitable business segment for the company in less than five years. Just in last quarter alone, the iPad and iPhone business raked in $29 billion of the $39 billion in total sales.

Forstall is also frequently featured in Apple’s product videos and is a regular speaker at company keynotes and product unveilings.


Scott Forstall doing his thing at the Otober 2011 iPhone 4S unveiling.

He was also one of the original architects of OS X and the Aqua user interface and lead several OS releases, including OS X Leopard. When the company went on to design the iPhone, Jobs charged Forstall with adapting OS X for mobile devices.

Prior to joining Apple in 1997, Forstall worked alongside Jobs at NeXT, developing core technologies. He received both a Bachelor of Science in Symbolic Systems and a Master of Science in Computer Science from Stanford University.

Should have Forstall waited until Apple hit the $1,000 a share milestone?

And would you say he’s got what it takes to become Apple’s next CEO?

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  • http://twitter.com/Freducken Alfredo Arredondo

    Should he have waited until $1,000/Share? Yeah, cause I think of so many things you can buy with $64 Million that you could not with $38 Million. Plus, what’s 64 million when you have 250 million waiting around the corner? I think we can all agree he has no reason to regret his decision irregardless of where share prices go.

  • Aric Bolf

    “Scott Forstall doing his thing at the Otober 2012 iPhone 4S unveiling.”

    Time travel?

  • Anonymous

    First word of the second paragraph should be Forstall not Cook

  • KewlDewd

    Should have Forstall waited until Apple hit the $1,000 a share milestone?

    That’s for nobody to decide but him.

    And would you say he’s got what it takes to become Apple’s next CEO?

    Nobody reading this blog is even remotely qualified to decide that.

    I know end of blog post questions are just intended to fish for comments. These are my honest answers. And they are the correct answers. Next question.

    • http://twitter.com/e420kush e420Kush

      lol get off his nutz. geez

      • KewlDewd

        I can’t help it. His nutz were just out there dangling for the grabbing. ;)

  • http://twitter.com/Woscoe_ Keith Ralphio

    hopefully he makes iOS6 more customizable

  • Anonymous

    smart man ..he has seen the flop that will be iPhone 5 and knows the stock will crash hard.. once its revealed and the public is no longer interested in waiting for apple to make another “great device”.. this is it folks the first sign of the end..

    • http://twitter.com/e420kush e420Kush

      LoL yeah right.