Eddy Cue is the latest Apple exec to cash in some of his stock. It looks like the team at Apple will be having a bumper Christmas this year.
Cue cashed in 15,000 AAPL shares for $8.8 million according to a regulatory filing.
The stock was sold for around $583.99 a share, according to The Next Web.
Cue still has 285 shares of Apple stock remaining, he is due to get anther 50,000 restricted stock options next year.
Cue, described by some as Apple's Mr Fix it, was recently put in charge of Maps and Siri after Apple’s now ex-Senior Vice President, Scott Forstall was reportedly fired (Forstall is currently acting as an 'advisor' to CEO Tim Cook).
A number of Apple execs have cashed in stock this year. Most recently senior vice president of the newly created Technologies role at Apple Bob Mansfield cashed in $20m worth of AAPL shares.
Cook, Schiller and Oppenheimer all sold millions in AAPL shares back in March, after shares from 2008 vested. Forstall and director at Apple, Millard Drexler, sold thousands of Apple shares worth millions of pounds back in May.
Since October Apple's stock has taken a nosedive, although it has recently recovered some ground. AAPL surpassed $700 in late September, fell to $537.75 on 8 November, and closed last night at $575.85. One reason for the apparent sell of and decline is thought to be driven by the looming fiscal cliff, specifically the expiration in January of tax cuts. By cashing in his stock now, Cue, like other Apple execs can avoid substantial tax burden. All Apple execs are in line to receive substantial stock awards from the company in the future.
Follow Karen Haslam on Twitter / Follow MacworldUK on Twitter
Related:
Apple's 'Mr Fix It' Eddy Cue profiled
Apple's Mansfield cashes in $20m worth of AAPL shares
Disney CEO buys $1 million of Apple stock
Apple executives cash in Apple shares worth over £38m
Apple investors back on track after Obama calls Apple's Tim Cook
Apple share price decline due to fiscal cliff and capital gains tax hike
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