Senior Apple executive takes big bite out of his stock holdings and ends the week nearly $39 million richer

By Snejana Farberov

Published: 17:08 EST, 2 May 2012 | Updated: 17:22 EST, 2 May 2012

Apple senior vice president of iOS software, Scott Forstall, sold off more than 95 per cent of company shares last Friday, walking away with nearly  $39 million in cash.

According to a filing with the Securities and Exchange Commission cited by Fortune Magazine, Forstall made the move after getting in on a price that ranged from $601 to $605 for the day.

Apple Insider reported that this range was below Apple's all-time closing high of $636.23 on April 9, but the sale came in the middle of a four-day dip that saw Apple close at around $582 on Tuesday.

Apple senior vice president of iOS software, Scott Forstall, sold off nearly 65,000 company shares last Friday, earning $38.7 million in cash.

Million-dollar smile: Apple senior vice president of iOS software, Scott Forstall, sold off nearly 65,000 company shares last Friday, earning $38.7 million in cash

Forstall's official total from the sale came in at $38.7 million. On Wednesday afternoon, the stock was trading up more than 1 per cent, at around $583.

Fortune reports that after unloading 64,151 of his Apple shares, which were the remains of a retention bonus granted to Forstall in 2008, he has been left with 'mere' 2,988 shares to his name worth about $1.8 million.

Fortune reports that after unloading 64,151 of his Apple shares, Forstall has been left with 2,988 shares worth about $1.8 million.

High roller: Fortune reports that after unloading 64,151 of his Apple shares, Forstall has been left with 2,988 shares worth about $1.8 million

While a major stock sell-off often signals that an executive is getting ready seek greener pastures, in Forestall's case, it may be a false alarm.

If Forstall decides to stay on until 2013, he will get part of a 150,000-share package that will be fully vested in 2016. Another 100,000 units that were granted to him in 2010 are set to fully mature in 2014, according to Fortune. 

Forstall helped develop core technologies at Steven Jobs' startup company Next before joining Apple in 1997.

Right-hand man: Forstall helped develop core technologies at Steven Jobs' startup company Next before joining Apple in 1997

Provided that Apple's stock price continues to rise, Forstall's shares could be worth as much as $250 million. His annual salary currently stands at $700,000.

Forstall graduated from Stanford University and helped develop core technologies at Steven Jobs' startup company Next. After joining Apple in 1997, Forstall handled the development of Mac OS X before jumping to iOS.

It has been rumored that Forstall would eventually like to head Apple when the current CEO Tim Cook leaves.

Successor: It has been rumored that Forstall would eventually like to head Apple when the current CEO Tim Cook leaves

Recently, there have been rumors that the 42-year-old would eventually like to take over Apple when the current CEO Tim Cook decides to move on.

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