APPLE UPDATE – Another Apple (AAPL) Top Exec Sells Company Stocks

by Jet Encila on December 5, 2012 8:18 pm

APPLE UPDATE – Another Apple (AAPL) Top Exec Sells Company Stocks

A United States Securities and Exchange Commission filing posted Tuesday disclosed that Eddy Cue – Senior VP for Internet Software and Services – sold 15 thousand shares of Apple Inc (NASDAQ: AAPL) stocks Friday in a deal worth around $8.77 million.

First reported by CNet, the filing revealed that Cue let go of his stock at nearly $584/share, and kept only 285 shares after the stock sell-off.

The software executive was recently picked to take over additional tasks left behind by iOS head of operations Scott Forstall, who got the boot from the company two months ago.

Among Cue’s new responsibilities is the iOS Maps, the highly-controversial application that was launched with the iOS 6 last September.

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Based on reports last week, Cue is fast-tracking efforts to fix the iOS Maps after consumers and critics thumbed down the service for its flaws.

PROMOTION AND BONUS

Also part of Cue’s new responsibilities is the Apple virtual assistant “Siri” that has been shipped with many other gadgets in Apple’s array of tech products.

Cue still has 200 thousand restricted stock units with Apple Inc from last year, about 50 percent of this coming from his promotion and the other half forming part of a bonus the company gifted him last month.

The first tranche of Cue’s restricted units are scheduled to vest in eight months, while the remaining stock units will come under staggered vestments thru 2016, granted he continues to work with Apple.

The stock move comes a few days after Bob Mansfeld, Apple Inc senior vice president of technologies, sold 35 thousand shares to the tune of $20.39 million.

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