14 DAY TRIAL // Apple has awarded its newly-appointed SVP of Internet Software and Services 100,000 restricted stock units worth around $37 million in current trading.
Marking one of the first major changes at Apple since CEO Steve Jobs resigned and turned over command to Tim Cook, Cue’s promotion to Senior Vice President of Internet Software and Services nabbed the man no less than 100,000 restricted stock units.
Restricted stock unit, or RSU, is a form of compensation in company stock that vests at a later date as long as the staffer sticks with his job for a determined period of time.
In this respect, half of Cue’s 100,000 stock units will vest in 2013 whereas the other half will vest in 2015, pending his continued employment.
According to reports, Cue’s stock is valued at $37.4 million at the moment.
As a result of his promotion and bonus, Cue has formally submitted an SEC Form 3, also known as "Initial Statement of Beneficial Ownership of Securities" which shows what stocks and options Cue holds as an SVP with the Cupertino, California, technology giant.
Such documents also reveal that Cue has received some 76,250 RSU's over the past four years as part of his yearly bonus and other compensations.
As Apple's senior vice president of Internet Software and Services, Eddy Cue will be reporting only to CEO Tim Cook.
According to his profile page, “Eddy oversees Apple's industry-leading content stores including the iTunes Store, the revolutionary App Store and the iBookstore, as well as iAd and Apple's innovative iCloud services.”
“He is a 22-year Apple veteran and leads a large organization of amazing people. Eddy played a major role in creating the Apple online store in 1998, the iTunes Music Store in 2003 and the App Store in 2008,” Apple writes about the man.
“He also played a key role in developing Apple's award-winning iLife suite of applications. In his early years at Apple, he was a successful manager of software engineering and customer support teams.”
Cue graduated from Duke University and has a bachelor's degree in Computer Science and Economics.