In recognition of his promotion to Senior VP of Software and Services, Apple awarded Eddy Cue a bonus of 100,000 restricted shares of Apple stock which currently check in at more than $37 million. Half of the shares will vest on August 24, 2013 while the remaining shares will vest on August 24, 2015. Naturally, Cue’s continued employment is a prerequisite for cashing in on the shares.
While Cue may not be as well known as other Apple executives, he’s a 22-year Apple veteran who steadily rose through the ranks from a manger on Apple’s software engineering and customer support teams to playing a critical role in the development of Apple’s iLife software. More recently, Cue played an important role behind the launch and operation of both the iTunes Music and App Stores.
Under his new role, Cue will continue to oversee Apple’s online app stores and will also take charge of Apple’s iAd business and its upcoming iCloud service. Indeed, Cue reportedly helped negotiate the requisite music licenses for Apple’s music services in iCloud and iTunes Match.
Cue’s stock grant is the second such promotional bonus we’ve seen in as many weeks. Last week, Apple awarded newly minted CEO Tim Cook 1 million shares of restricted Apple stock if he remains with Apple until 2021.
Lastly, if you check out the SEC Form 4 Apple filed, Cue’s full first name is apparently Eduardo. Yep, we leave no stone unturned here at Edible Apple.