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]