AppleInsider Staff
Fulfilling a contract award granted in 2011, Apple SVP of Internet Software and Services Eddy Cue saw 525,000 restricted stock units currently worth $59.2 million vest this week.
According to a regulatory filing published by the U.S. Securities and Exchange Commission on Friday, Cue converted 525,000 RSUs into common AAPL stock on Wednesday. Apple withheld 256,305 shares to satisfy statutory tax requirements, leaving Cue with 268,695 shares that were subsequently transferred to a family trust.
This week's transaction completes a 700,000 RSU award granted to Cue in 2011. The Apple executive saw 25 percent of that award, or 175,000 shares, vest in September 2014.
Cue first joined Apple in 1989, later rising to the rank of vice president of Internet Services before taking on his current role as SVP. During his tenure, the executive is credited with spearheading the rollout of Apple's online store in 1998, the iTunes Store in 2003 and the App Store in 2008. More recently, Cue's work has focused on expanding Apple Music, the company's fledgling streaming music service.
In a separate SEC filing made public on Friday, Apple SVP of Hardware Engineering Daniel Riccio sold off 22,381 shares of Apple stock worth $2.5 million.
Today's news comes after CEO Tim Cook received 1.26 million RSUs as part of a performance- and tenure-based bonus in late August. Cook immediately in $35.8 million worth of vested stock, and another $29 million a week later, leaving his trust with 1,039,809 Apple shares worth about $110 million.
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22 Comments
Hmm...
"que" posts from regular concern trolls who think they know better than his boss that he sucks and should be fired, etc etc. if only poor, hapless Cook knew what our dear readers know!
I like Eddy because of his history with the company and past with Jobs... but he's bitten off (or been given a bite) more than he can chew and should probably have a lesser role/comp at the company. iTunes is a mess, AppleTV is still without content deals and not best in class, iCloud is still an untamed beast, etc. Yes, yes, Apple has always had issues with cloud/SAS pre-dating MobileMe going back to eWorld... so you could say he runs the most difficult area of the business for Apple. Ok, fair enough, but its still a mess so lets refresh and get some more talent on it, and reduce Eddy's load a little... and for god sakes lets not overpay him like this. Its not like he has keys to the castle.
Too bad it's not a severance package.
Good for him. Superbly deserved for all the work he's done in the past. In fact, it's a small number when you consider that folks like that Wells Fargo lady (who oversaw the creation of 2 million fake accounts by her underlings) who walked away with $125 million. Cue has created a lot of value of Apple's shareholders during his tenure. (That is not to say that he can do so going forward; that remains to be seen).