Apple SVP Eddy Cue sells $37.5M in AAPL stock
Apple SVP of Internet Software and Services Eddy Cue on Thursday earned sold 335,000 common stock AAPL shares to net himself payday worth $37,473,100.
According to a filing with the Securities and Exchange Commission, Cue unloaded the personal shares in multiple transactions ranging in price from $111.53 to $112.30, equating to a weighted average of $111.86 per share. Following the sale, Cue was left with 1,464 shares of Apple stock held by his trust.
This week's selloff comes after Cue saw 525,000 restricted stock units vest into common stock in September. At the time, the award was worth $59.2 million. Apple withheld 256,305 shares to satisfy statutory tax requirements, leaving Cue with 268,695 shares that were subsequently transferred to a family trust.
In related news, SVP of Hardware Engineering Dan Riccio also unloaded a portion of his stock hoard on Thursday, selling 33,323 shares in multiple transactions to net $3.7 million.
Cue and Riccio were among a set of executives that saw 87,578 RSUs worth nearly $10 million vest in October.
The pair will have the chance to replenish their respective stock awards over the next few years, as Apple recently meted out bonuses to its executive team. The package includes 149,667 RSUs scheduled to vest through 2021 -- some at a 200 percent conversion rate -- based on tenure and performance metrics.
According to a filing with the Securities and Exchange Commission, Cue unloaded the personal shares in multiple transactions ranging in price from $111.53 to $112.30, equating to a weighted average of $111.86 per share. Following the sale, Cue was left with 1,464 shares of Apple stock held by his trust.
This week's selloff comes after Cue saw 525,000 restricted stock units vest into common stock in September. At the time, the award was worth $59.2 million. Apple withheld 256,305 shares to satisfy statutory tax requirements, leaving Cue with 268,695 shares that were subsequently transferred to a family trust.
In related news, SVP of Hardware Engineering Dan Riccio also unloaded a portion of his stock hoard on Thursday, selling 33,323 shares in multiple transactions to net $3.7 million.
Cue and Riccio were among a set of executives that saw 87,578 RSUs worth nearly $10 million vest in October.
The pair will have the chance to replenish their respective stock awards over the next few years, as Apple recently meted out bonuses to its executive team. The package includes 149,667 RSUs scheduled to vest through 2021 -- some at a 200 percent conversion rate -- based on tenure and performance metrics.
Comments
To to those who criticize him, remember that Steve hired him, promoted him, and kept him in his position. I trust Steve's judgement of the man more than Forum "experts."
And it's not just Apple execs who think about this sort of stuff.
For Eddy, a $5 drop in AAPL (like what happened this week) resulted in a $1.675M loss in paper value. You really don't want all/most of your investment in one issue.
Moreover, AAPL has underperformed the S&P 500 over the past year. Eddy would have had a better rate of return if he had that $37.4M in SPY. Or even better had he invested in NTDOY (Nintendo ADR), BABA (Alibaba) and even YHOO a year ago.
If you ditched Brittish Pounds or UK stocks before the Brexit vote (or even went short) you made a killing.
Eddie Cue does not inspire confidence. It seems to me that Apple has vastly outgrown him. His overall handling of the iBooks case was an early signal, and he has not shown much by way leadership skills of the services under his watch since.
If I am missing something remarkable that has come about under his leadership in the past few years, I'd be bappy to stand corrected.