|Dec 4, 2012, 11:03 PM||#1|
Apple SVP of Internet Software and Services Eddy Cue Cashes in $8.8 Million in Stock
Apple Senior Vice President of Internet Software and Services Eddy Cue has decided to sell off 15,000 shares of his stock for about $8.8 million, according to a recent regulatory filing. He sold off his Apple stock for about $583.99 a share.
The stock that Cue cashed in is not part of the 100,000 restricted stock units (RSUs) he received in September 2011 as a promotion bonus. Half of those shares vest on August 24, 2013 while the other half vest on August 24, 2015 if Cue is still with the company.
Today's regulatory filing reveals that Cue still has 285 shares of Apple stock remaining, but The Next Web notes that next year those shares will be bundled in with the 50,000 coming from the first batch of last year's promotion bonus RSUs. Cue has received 76,250 RSUs over the past five years.
Last September, Cue was elevated to the senior management team, and he was recently put in charge of both Siri and Maps. He was also added to Ferrari's Board of Directors.
Cue cashing in does not necessarily mean that he is less invested in Apple. Senior Vice President of Technologies Bob Mansfield, Cue and other Apple executives may be looking to unload stock in 2012 as capital gains tax increases are scheduled in 2013. By selling now rather than in 2013, sellers can reduce their tax burden, and all of the senior executives are in line to receive substantial stock awards if they continue working at the company.
Article Link: Apple SVP of Internet Software and Services Eddy Cue Cashes in $8.8 Million in Stock
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