Majority of shares due to vest in three intervals through 2018
Newly-published SEC filings reveal that on Wednesday, Apple awarded six top executives 35,780 restricted stock units each. Recipients include senior VP of Operations Jeffrey Williams; general counsel Bruce Sewell; senior VP of Worldwide Marketing Phil Schiller; senior VP of Hardware Engineering Dan Riccio; senior VP of Software Engineering Craig Federighi; and finally, senior VP of Internet Software and services Eddy Cue.
Eddy Cue talks friendship, Jobs' help with wife's cancer
Former Apple CEO Steve Jobs has received a posthumous induction into the Bay Area Business Hall of Fame. The induction actually took place last Thursday, but a new video of the ceremony highlights both Jobs' track record and a speech from Apple's senior VP of Internet software and services, Eddy Cue. Cue discusses how Jobs became a friend, and ended up helping his wife as she struggled with cancer.
Apple VP also pushes iTunes Radio as better way to premiere albums, events
Apple's Senior Vice President of Internet Software and Services, Eddy Cue, has disclosed that artists who appear at the company's yearly iTunes Festival in London are not paid to do so, and use the free concert in London (at a venue that seats a relatively paltry 2,500 compared to the stadiums many of them regularly perform in) as both a chance to put on a show for the fans as well as an opportunity for worldwide exposure and promotion of their latest work.
Streaming previews can be major boost to sales
Apple will use iTunes Radio to promote and stream albums before their release, according to Eddy Cue, the company's senior VP for Internet Software and Services. For some time now Apple has been offering full-length preview streams of albums by mainstream acts, but only on the iTunes Store. "It’s a huge improvement to do it on iTunes Radio because you don’t go to a store a lot. Hopefully lots of people will be listening to iTunes Radio a lot; from a discovery perspective it’s significantly better," says Cue.
Not available to public, showcases creative work of employees
Apple Senior Vice President of Internet Services Eddy Cue has announced a new, Apple-internal-only section of the iTunes Store devoted to showcasing the creative outside work that Apple employees engage in beyond their usual job duties and the products the company makes. Dubbed "Employees on iTunes," the private section was announced in a memo by saying the new website was "in celebration of the ... creative pursuits of everyone at Apple." The showcase highlights songs, books, movies and other outside efforts.
Cue sells, Cook withholds minimum tax requirements
Apple CEO Tim Cook and SVP of Internet Software and Services Eddy Cue exercised stock options last week, according to documents filed with the SEC, but only Cue actually sold shares -- while Cook opted to just withhold the minimum tax requirements, which worked out to just over $19 million. Cue sold roughly half of his latest stock grant, 24,580 shares for a net gain of $12.4 million.
Was concerned about how self-publishing, aggregators would be handled
According to a an email exchange between then-CEO Steve Jobs and Senior Vice President of Internet Software and Services Eddy Cue submitted in court earlier today as part of the Department of Justice's e-book price-fixing trial, Apple's co-founder and then-leader read Mac rumor-and-news sites such as AppleInsider and would question the veracity of items found there. In the exchange, which happened just three months after Apple had launched the iBookstore, Jobs wants to know more about self-publishing options.
Little new during executive's final court date
Under questioning at the ongoing DoJ v. Apple antitrust trial, the man who negotiated Apple's iBookstore deals with publishers -- Eddy Cue -- today disclosed some minor facts about Steve Jobs' involvement with the iBooks app. The topic came up during examination by Apple attorney Orin Snyder. Earlier in the trial, Cue established that Jobs was heavily into the concept of iBooks and the iBookstore once iPad development started ramping up. During today's testimony, Cue revealed that Jobs had micromanaged some of the smallest details of iBooks.
Witnesses to include current iTunes, iBookstore heads
The Department of Justice's antitrust case against Apple is entering its final four days this week, according to Fortune. The original orchestrator of Apple's publisher deals for the iBookstore, Eddy Cue, is resuming court testimony today, having last testified on Thursday afternoon. Today's topics are expected to include a dinner Cue had with Macmillan's CEO, and disputed emails written to Cue by former Apple CEO Steve Jobs.
Blames publishers' resentment towards Amazon prices
Apple's senior VP for Internet software and services, Eddy Cue, testified today in defense of the company at the Department of Justice's ongoing antitrust trial over e-book prices. Cue was responsible for negotiating publisher deals to help launch the iBookstore in 2010. Apple is accused, however, of colluding with publishers to switch the e-book industry to an agency model, specifically with the aim of forcing prices higher and undermining Amazon's then-standard $10 pricetag.
Suggests Apple was aiming at forcing Amazon to accept higher prices
As a result of an email written by former CEO Steve Jobs, Apple may have suffered a significant blow at the e-book antitrust trial being pursued by the Department of Justice. Fortune reports that the head of Apple's iBookstore, Keith Moerer, testified yesterday that Apple had never asked or pressured any book publisher into changing contracts with Amazon from a wholesale model to Apple's preferred agency model, in which publishers can dictate higher prices. Apple was "indifferent" to what model publishers used with Amazon, Moerer claimed.
Record labels balking at Apple offer, report says
As an initial offer to a record label for a forthcoming streaming service, Apple recently proposed a royalty rate of just 6 cents per 100 songs, sources for the New York Post claim. "Apple wants a rate that is lower than Pandora's," one executive is quoted as saying. Pandora pays labels 12 cents per 100 songs, which itself is below the Copyright Royalty Board's standard 21 cents for digital-only streaming. Spotify pays 35 cents, according to the Post's sources.
Iovine's 'Project Daisy' subscription service may dovetail with Apple's plans
Legendary music producer, label head and Beats Audio CEO Jimmy Iovine has allegedly met with Apple CEO Tim Cook and media services chief Eddy Cue in a "wide-ranging" discussion of the music industry and related topics, including Iovine's "Project Daisy" proposed music service that he had previously pitched to Apple co-founder Steve Jobs. The meeting has renewed talk of alleged Apple plans for a subscription or premium music service.
Cue said to be bringing in new leadership for Maps group
Apple's senior VP for Internet software and services, Eddy Cue, has fired the executive in charge of iOS 6 Maps, Richard Williamson, according to Bloomberg sources. Although it's unknown if a replacement for Williamson has been lined up, one of the sources claims that Cue is planning to install a new leadership team in the Maps group. Meanwhile, another source says that a team is dedicated to fixing mapping mistakes, for instance upgrading UK satellite imagery or the labeling for US landmarks. The group is allegedly concentrating on the most obvious problems first.
Ferrari's exact interest in Cue remains ambiguous
The head of Internet software and services at Apple, Eddy Cue, has taken a position on Ferrari's board of directors, according to an announcement. "I am delighted that Eddy Cue, one of the main driving forces behind Apple’s range of revolutionary products, has now joined our board," reads a statement from Ferrari chairman Luca di Montezemolo. "His huge experience in the dynamic, innovative world of the Internet will be of great assistance to us."
Company could still be having trouble with content deals
Plans for an Apple TV set (or a more advanced set-top) may still be some time in coming, suggests Pacific Crest's Andy Hargreaves. On Wednesday the analyst met with Apple's CFO, Peter Oppenheimer, and its senior VP for Internet software and services, Eddy Cue. Hargreaves pressed the idea of a "more significant move into TV distribution," according to a new memo. In response, Cue repeated a frequent company position that Apple will only enter markets where it thinks it can create good customer experiences and solve major obstacles.
Depositions by Steve Jobs, Eddy Cue at heart of controversy
Apple is fighting a discovery request in a class action lawsuit brought by musicians like Rick James and Rob Zombie against Universal Music, The Hollywood Reporter reports. Specifically the plaintiffs want access to trial exhibits, expert reports, depositions, and other material from a suit by FBT Productions against UMG subsidiary Aftermath, filed over money owed from music by rapper Eminem. During the case, the 9th Circuit Court of Appeals ruled that FBT was right in saying that a contract between the parties should be read as treating digital music as "licenses" instead of "sales." The dispute is still set to go to trial in the near future.
Apple co-founder may have been too involved
Apple's iAd network may actually be in a position to improve without Steve Jobs as company CEO, according to a Business Insider source described as "familiar with the situation." The person says that Jobs used to make many of the decisions at iAd, and that as he became sicker, it became increasingly difficult for the iAd team to accomplish anything. With Jobs gone, Eddy Cue is said to be free to properly take charge of iAd, and make decisions on issues like pricing and technology that weren't discussed while Jobs was alive.
Apple SEC filing shows huge bonus payouts
Apple on Friday sent filings to the SEC that showed one of the larger bonus payouts to its senior vice presidents in recent memory. iOS head Scott Forstall, Hardware Engineering's Bob Mansfield, CFO Peter Oppenheimer, Worldwide Product Marketing lead Phil Schiller, general legal counsel Bruce Sewell, and operations head Jeff Williams all received share awards of 150,000 shares each. At current market values of about $400 per share, each will have made $60 million if they cashed in the same day.
'Promotion' from role in charge of iTunes
Eddy Cue has been promoted to the position of Senior VP of Internet Software and Services at Apple, an email memo from CEO Tim Cook reveals. "Eddy will report to me and will serve on Apple’s executive management team," the message elaborates. Cook notes that Cue has been with Apple 22 years, and most recently was the head of Apple's iTunes efforts; he is currently overseeing the iTunes Store, the App Store and the iBookstore, as well as iAd and iCloud.
Company claims software driving product cycles
Apple will likely reveal "major feature/function updates" at this year's WWDC in early June, says Morgan Stanley analyst Katy Huberty. The prediction is based on a meeting with key Apple executives, including CFO Peter Oppenheimer, senior retail VP Ron Johnson and VP of Internet services Eddy Cue. During the gathering the executives explained that Apple "generally views product cycles as software driven," according to Huberty.
Hopes products not 'just for the rich'
Apple has "clever things" planned in order to address the prepaid market for iPhones, says COO Tim Cook. The executive joined CFO Peter Oppenheimer and VP of Internet Services Eddy Cue in speaking with Toni Sacconaghi, an analyst with Bernstein Research. While the iPhone is in high demand, a new model can cost at least $600 off-contract. Apple doesn't want its products to be "just for the rich," according to Cook, and is "not ceding any market." He notes that the company has spent "huge energy" in China, said to be a "clasic prepaid market."
Option already available to publishers
Apple will "soon" make another announcement about iTunes subscriptions, according to the company's VP for Internet services, Eddy Cue. In-app subscriptions were introduced today with The Daily, an iPad-only news publication created by News Corp.. While other publishers may already be implementing the option, which companies are involved and what arrangements they might have will only be publicized at a later time.
Eddy Cue for MobileMe
In light of Apple's tragic MobileMe launch, the company's own Eddy Cue – responsible for a great deal of Apple's back-end infrastructure for services like iTunes – steps up to manage the ailing suite. Cue, who is famous within Apple for being as hard on quality as CEO Steve Jobs, is expected to turn the service around, since he shares a common mindset with the perfectionist jobs, and is viewed by others as the perfect person for the job.