Apple execs 'net millions' in shares sale

Three Apple Computer Inc. senior executives cashed-in shares for multimillion-dollar gains last month shortly after stock reached a 52-week high.

Senior vice president Timothy Cook pocketed an options-related gain of US$8.5 million, according to the San Jose, California-based Mercury News.

Apple chief financial officer Fred Anderson made a net gain of $3.52 million; general counsel Nancy Heinen made a net gain of $2.16 million on shares sold.

The three executives have plans to sell a further $25 million in stock in coming weeks, according to filings this month with the Securities and Exchange Commission.

Apple Chief Executive Officer Steve Jobs said: "A major part of Apple's senior management compensation is based on stock options. It's great to see some members of our management team get rewarded for their incredibly hard work by selling a bit of their stock."

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