What is Scott Forstall’s Net Worth and Salary?
Scott Forstall, a software engineer, has a net worth of $100 million. He is best known for leading the original software development team for Apple’s iPhone and iPad and serving as the senior vice president of iOS Software from 2007 to 2012. Forstall was once considered Apple’s de-facto “CEO in waiting,” but he left the company and sold 95% of his shares. He co-produced Broadway productions such as “Fun Home,” “Eclipsed,” and “Hadestown.”
However, Forstall should have held onto those shares as explained later in the article.
Early Life and Education
Scott Forstall was born in 1969 in Kitsap County, Washington. His parents were Tom, an engineer, and Jeanne, a nurse. Forstall was a gifted student and excelled in programming from an early age. He attended Olympic High School in Bremerton, where he graduated as co-valedictorian with a 4.0 GPA. Forstall went on to attend Stanford University, where he earned a bachelor’s degree in symbolic systems in 1991, followed by a master’s degree in computer science.
Scott Forstall’s Career at Apple
After graduating from Stanford, Forstall joined NeXT, the company founded by Steve Jobs, and stayed with it when it was acquired by Apple in 1997. Forstall began designing user interfaces for the revamped Macintosh line of computers and became the leading designer of the Aqua user interface in 2000. He was promoted to senior vice president of Apple iOS Software in early 2003 and oversaw the creation of the Safari web browser.
Scott Forstall’s Role in Creating the iPhone
During the conception of the iPhone, Scott Forstall had to choose whether it should be a more compact Macintosh computer or an enlarged iPod. To make the decision, he had the Macintosh and iPod teams compete, and ultimately, the Mac team won. Forstall utilized a preexisting desktop operating system and created a software developer’s kit to allow programmers to build their own iPhone apps. The iPhone has been credited with revolutionizing the mobile phone industry and the app economy, and Forstall became senior vice president of iPhone Software after his success with the device.
Controversy and Departure from Apple
Following the release of iOS 6 in 2012, Apple faced criticism for the buggy and underdeveloped Maps app and the unlicensed design of the clock app. Scott Forstall, who oversaw the development of these apps, was announced to be leaving Apple. While the specific reason for his departure was never disclosed, it was believed to be due to his inability to work harmoniously with colleagues. Apple CEO Tim Cook cited Forstall’s “disagreeable” personality and his refusal to sign a formal apology for the Maps app as contributing factors. Forstall’s design style also caused significant division within the design team at Apple.
Scott Forstall’s Massive Apple Stock Loss
In May 2012, former Apple executive Scott Forstall sold over 64,000 company shares at around $585 per share to net $38.7 million. By leaving the company, he left 350,000 Restricted Stock Units on the table, which would have turned into around 10 million shares after stock splits, worth over $1 billion at various stock prices in recent years.
However, had he held on to the 64,000 shares he sold, he would have around 1.8 million shares today, valued at around $300 million at various times in recent years, after Apple’s stock split 7-1 in June 2014 and 4-1 in August 2020.
It has been reported that when he left Apple, Scott accepted a large severance package from Tim Cook in exchange for leaving quietly, but he has remained quiet in the years since leaving the company and it is unclear whether he was granted the ability to continue receiving a portion of his RSUs or if he was simply paid a lump sum.
Forstall Reemerges to Co-Produce Broadway Hits
After leaving Apple, Forstall mostly stayed out of the public eye, spending his time traveling and advising charitable organizations. In 2015, he announced that he was co-producing the Broadway musical “Fun Home,” based on the Alison Bechdel graphic novel. The production went on to win five Tony Awards, including Best Musical. Forstall also co-produced the award-winning Broadway productions “Eclipsed” and “Hadestown.”
Scott Forstall’s Personal Life
Scott Forstall is married to Molly Brown, whom he attended Olympic High School with. The couple graduated together as valedictorians.
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