Former chief executive Gilbert Amelio and former vice chairman Mike Markkula filed with the SEC Monday to lighten their load of the company's stock.
Amelio filed to sell 120,000 shares and Markkula filed to sell 500,000 shares, as reported by the San Jose Mercury News. Based on the stock closing price Wednesday of 23-5/8, the transactions would be valued at about $2.83 million and $11.81 million, respectively. The company's stock peaked at its 52-week high of 29-3/4 last week.
According to the company's latest annual report, Markkula held 2.6 million shares, just over 2 percent of the company's outstanding stock.