Apple Inc. (NASDAQ:AAPL)‘s new CFO Luca Maestri has been with the company since 2013. Whenever he was awarded some restricted stock units, he almost immediately choose to cash in his newly acquired shares. In November, he had 2490 Apple Inc. (NASDAQ:AAPL) shares. Maestri sold all of them in one day at prices ranging between $524 and $527 for a total of $1.3 million. On March 7 some 2584 more Apple Inc. (NASDAQ:AAPL) restricted stock units were vested. This time he sold them over two days at around $531 per share for a total of $1.37 million. Finally on April 24th he received an disposed another 887 shares at around $565 per share for a total of $500K.
Luca Maestri received a total of more than $3 million for these stock sales. In an SEC filing last week it was revealed that Luca Maestri will be receiving an annual salary of $1 million and performance-based cash bonus. He was also awarded another 6337 restricted stock units which are worth around $4 million if he is still employed at Apple Inc. (NASDAQ:AAPL) on the vesting date.
Luca Maestri was awarded 38091 RSUs in March 4, 2013 which vest 12.5% in semi-annual installments over a four year period. One might argue that he is selling the vested portion of this award for diversification purposes. However, when he was the CFO at Xerox Corp (NYSE:XRX) he was awarded 63,533 restricted stock units and 36690 performance shares in July 2012. We haven’t seen any sales transactions reported by Luca Maestri as the CFO of Xerox Corp (NYSE:XRX), though none of these awards might have been vested by the time he quit his job. In either case, the recent insider sales by Maestri give the impression that he has no confidence in Apple Inc. (NASDAQ:AAPL) shares.