Eddy Cue is Apple’s senior vice president. He conducts and supervises a number of services including Apple Music, iTunes Store, Apple Pay, Siri, iCloud, and Apple Maps.
As informed, Eddy Cue joined Apple in 1989. Apple CEO Tim Cook soon promoted him to Senior Vice President of Internet Software and Services in September 2011. He received nearly $60 million in company stock earlier this week. The Securities and Exchange Commission documents filed electronically today. After the filing, word spread all over at a quick pace.
Eddy Cue was originally awarded 100,000 RSUs. However, the compensation package became 700,000 RSUs when AAPL split 7-for-1 in June 2014.
Diving in deeper, 525,000 of Cue’s restricted stock units converted into common shares. This happened on September 21st, worth $59.6 million based on AAPL’s closing price of $113.55 on Wednesday.
Moreover, The shares represented the final 75% of 700,000 restricted stock units awarded to Cue in November 2011. The first 25% of the shares vested on September 21, 2014.
At this instant, the news is receiving extreme negative comments by the public. Much of those comments confidently claim that it is a result of loyalty rather than competence. “Eddy is smug and has ruined a lot of projects that he’s touched. Not worth 60 million. Cut him and bring someone else in. Proof that enough luck can overcome an extreme lack of talent!” Though these comments could be passed out of resent and therefore cannot be relied upon.
In order to satisfy the minimum statutory tax withholding requirements on vesting of RSUs, Apple withheld 6256,305. Interestingly, Cue gifted the remaining 268,695 shares that vested to a family trust. They were worth approximately $20.2 million. He did something quite similar earlier when 350,000 of his RSUs, vested in August 2015. Which were worth nearly $36.1 million at the time.