Mikey Campbell
A filing with the U.S. Securities and Exchange Commission published on Tuesday reveals that Apple Senior Vice President of Internet Software and Services Eddy Cue let go of 15,000 shares of AAPL stock on Friday in a sale valued at around $8.76 million.
First spotted by CNet, the SEC filing noted Cue sold the stock at a price of $583.99 per share, and held only 285 shares after the selloff.
Cue was recently tasked with taking over extra duties left behind by outgoing iOS Chief Scott Forstall, who was ousted from Apple in late October. Among the executive's new responsibilities is iOS Maps, the much bemoaned app introduced with iOS 6 in September.
According to a report last week, Cue is "racing" to improve the app after critics and consumers panned the service for being largely incomplete and fraught with problems.
Also under Cue's purview is Siri, Apple virtual assistant that ships with many devices in the company's mobile products lineup.
The executive still has a bulk of 200,000 restricted stock units from 2011, half coming from his promotion in September and half being part of a bonus he received in November. The first of the restricted units are set to vest in August 2013, while the remainder will see staggered vestments through September 2016, granted Cue stays with the company.
Cue's stock move comes just days after SVP of Technologies Bob Mansfield sold 35,000 AAPL shares worth some $20.38 million.
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62 Comments
Now they're firing Eddy. Great.
...Eddy Cue let go…
The article even says so.
"But you just took four words out of context…"
JOURNALISM!
No, seriously, I've nothing against this posting nor the content therein, but since we know these selloffs aren't indicative of anything bad, why not merge all the stories into one article/thread about Apple Executive Stock Selloffs?
The reason that the Apple exec's are selling is because after 1/1/2013 the capital gains tax goes up. Really nothing going on here. This is a NON-STORY.
The reason that the Apple exec's are selling is because after 1/1/2013 the capital gains tax goes up. Really nothing going on here. This is a NON-STORY.
So, more of the super rich giving Obama the finger by selling off now before next years tax increases thus denying Regressives, Obama, et el, from pissing away other people's money. So much for that survey of majority of American's wanting the tax increase. That's easy to accomplish if its not you who is receiving the increase and your money that is being taken from you. Love those class envy Libs that love to stick it to the rich and yet doing so will not improve their lot in life one little bit! Good for Eddy!
The reason that the Apple exec's are selling is because after 1/1/2013 the capital gains tax goes up. Really nothing going on here. This is a NON-STORY.
Correct. The real story is the cap gains rate increase, which will do nothing but harm businesses. More brilliant moves by the scholars running our government.