Apple's Senior Vice President of iOS Scott Forstall speaks at the event introducing the new iPhone 4s at the company's headquarters.
We all need a little cash in these tough times, but Apple exec Scott Forstall apparently needs a lot -- cashing out more than 64,000 shares of Apple stock to make $38.7 million.
Forstall, Apple's vice president of iOS software currently takes home $700,000 a year, but still has several hundreds of thousands of shares that won't vest until next year, 2014 and 2016 -- to ensure he won't be leaving any time soon, according to Forbes. The shares sold were what was left of Forstall's 120,000-share retention bonus given in 2008. According to security filings, Forstall still owns almost 3,000 shares, but sold off 95 percent of his holdings.
(Forstall isn't the only one taking advantage of Apple's higher stock price, Millard Drexler, an Apple board member just sold off 40,000 shares for around $24 million.)