Following in the footsteps of Bob Mansfield and other executives, Apple’s SVP of Internet Software and Services, and new head of Maps, Eddy Cue sold 15,000 shares of company stock last week. The selloff, which netted Cue nearly $9 million, was detailed in a filing published by the US Securities and Exchange Commission yesterday…
CNET points to the online document, which shows that Cue sold his stock at a price of $583.99 per share making him a cool $8.76 million. According to the filing, Cue depleted most of his stock in the sale, leaving him with just 285 units. But don’t worry, he still has some 200,000 restricted shares thanks to a couple of bonuses from 2011.
Eddy Cue has had quite the year at Apple. Last September, he was promoted to the position of SVP of Internet Software and Services. And just a month ago, he received another bump in stature during the company’s executive shakeup. In the wake of Scott Forstall’s ousting, he has been handed control of both the Siri and Maps teams.
So why the big selloff? It likely has something to do with the upcoming “fiscal cliff” the US is facing. At the end of 2012, a series of legislation changes will go into effect that, unless the government intervenes, will substantially raise taxes. This includes capital gains tax, so by selling his shares off now, Cue will get to keep more of his money.