OK, now it makes sense why Bruce Sewell stepped down as Intel GC yesterday: He’s taking over the top legal spot at Apple from Dan Cooperman, who’s retiring at 58, according to the company.
It seems like only yesterday Cooperman waltzed into Apple as part of the great GC switcheroo of November 2007. If you’ll recall, Apple brought in former IBM lawyer Don Rosenberg in 2006 to clean up Apple’s white plastic surface after it was tarnished by the stock option backdating scandal. But that didn’t go so well and Rosenberg was out the door on his way to Qualcomm after 10 months on the job.
When Steve Jobs hired Cooperman, everyone thought he’d found his man. Coop was a Valley veteran who knew how to handle big personalities: He had been GC of Oracle for years, where he tended to the rather outsized personality of CEO Larry Ellison. But less than two years later, Cooperman is retiring? Just a quarter of the 133,000 shares of Apple stock Cooperman got when he started have vested, meaning he’s left more than $17 million worth of stock on the table at the current price of Apple shares. (That assumes Apple hasn’t accelerated the vesting of his stock options).
We’ll have the complete story on CalLaw.com later on.
— Zusha Elinson