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AAPL Stock: 519.01 ( + 1.05 )

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Apple board rewards Eddy Cue with stock for promotion

updated 03:10 am EDT, Sat September 3, 2011

Retention incentive vests in four years

Following in the footsteps of its retention bonus for new CEO Tim Cook, Apple's board has given Eddy Cue, the company's new senior VP of Internet Software and Services, 100,000 restricted stock units for his promotion, MacRumors reports. The stock -- half of which will vest two years from now with the rest vesting on August 24th, 2015 -- would be worth over $37 million at today's stock price.

As with Cook, the stock units are dependent on his continuing employment at Apple, and serve as both a strong retention incentive and as further inspiration to continue the company's remarkable rise on Wall Street; when Cue joined the company 22 years ago, a similar unit of stock would have been worth under $10. Cue has played no small part in helping the value of the company increase -- as former vice president of Internet Services, Cue had a significant hand in the creation of the Apple Online store, the iTunes Music Store, the App Store and the iLife application suite. In the 90s, he was a manager in Apple's customer support and software engineering divisions.

His new role is really just an expansion of his previous job, with responsibility for the iTunes Store and iBookstore, with the addition of running iAd and iCloud. He will report directly to CEO Tim Cook. Cue has also been seen as the company's lead negotiator for media deals involving record company licenses for music, and played the lead role in announcing the launch of the iPad "newsmagazine" The Daily. [via MacRumors]






by MacNN Staff

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Comments

  1. SwissMac

    Joined: Dec 1969

    +2

    ALL Execs get too much money

    When he's got $37 million in the bank in 4 years time, will he have the same motivation to continue working? What will they do to revitalise him - offer more money? They should look at Maslows Hierarchy of Needs: money doesn't motivate, in fact, there are many more things that motivate more - so why pay so much money out? The whole system is crazy.

  1. jfgilbert

    Joined: Dec 1969

    +2

    It has to happen some day

    All companies do that. Now the top execs at Apple will have too much at stake to risk a down quarter, so, just like all other big companies, short term and predictability will have priority over strategy and innovation. Too bad, it was great while it lasted.

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