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Apple hardware chief sells off $10.7M in stock

Apple's senior vice president of hardware engineering Dan Riccio let go of a little more than $10.7 million in stock this week.

Apple exec Dan Riccio.
Apple exec Dan Riccio.

Recently-appointed Apple hardware chief Dan Riccio sold off nearly $11 million in company stock this week.

The sales, which took place yesterday and today and were detailed in a regulatory filing, included 19,726 shares, with another 1,000 that are given away as a charitable donation. All told, the value of the shares that were sold tallied up to a little more than $10.73 million.

To put things in perspective, Riccio along Craig Federighi, Apple's senior vice president of Mac Software Engineering, were given 75,000 shares of company stock as part of promotions in September, worth a little more than $50 million at the time. However the first batch of 25,000 shares of that stock cannot be traded until next December.

Riccio was named the successor to the outgoing Bob Mansfield near the end of June, a personel move Apple rejiggered last month. As part of a major restructuring of its top executive team, Mansfield signed onto Apple for another two years to head up its new technologies division, leaving Riccio in charge of engineering for the company's Mac, iPhone, iPad and iPod teams.

The sales come at a time when Apple's stock is not doing so hot. Despite closing up from its opening price today, the company's stock price has been on the decline over the past two months, bringing Apple's still-record market capitalization down with it. Apple's share price topped $705 in September, and closed today at $527.68.