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Eddy Cue sells $8.76M in AAPL stock
Bob Mansfield recently sold 35,000 shares of Apple stock and now it is Eddy Cue's turn to cash in some of his holdings. According to a filling with the US Securities and Exchange Commission, Cue sold off 15,000 shares of Apple stock for approximately US$584 per share. He walked away with $8.76 million from the sale, says a report in CNET. These shares are just a small portion of the Apple stock that Cue owns. The senior vice president of Internet Software and Services and several other Apple executives were each given a bonus of 100,000 restricted stock units in November 2011. This bonus was meant to keep the executives with the company for the next several years. The first block of these restricted stocks will vest in September 2014. [Via CNET]
The Wall Street Journal profiles Eddy Cue
With the recent shakeup of Apple's executive leadership, all eyes are now on Eddy Cue, vice president of Internet Software and Services. Cue was known for negotiating deals with media moguls that brought new content into iTunes, but now the 48-year-old executive has taken on the high-profile role as the new overseer of Siri and Maps. The Wall Street Journal has a lengthy article that sheds some light on Cue and his behind-the-scenes role at Apple. The article gives us a brief insight into Cue's personality and discusses some of the challenges Cue faces as the man in charge of iTunes, iCloud, Siri and Maps.
Report: Eddy Cue tasked with setting Maps right
More details concerning the aftershocks of last month's executive shakeup at Apple are beginning to surface, focusing on yesterday's revelation that Maps manager Richard Williamson had been shown the door. Bloomberg now reports that Senior VP Eddy Cue is now personally heading up efforts to overhaul Maps in the wake of the app's frigid reception alongside iOS 6 in September, which led Tim Cook to issue a public apology. Apple isn't saying anything publicly about Williamson's departure or Cue's efforts, but that hasn't stopped sources from leaking some details. Specifically, Bloomberg's report states that in addition to bringing fresh staff on to the project, Cue is said to be asking the company's Maps partners, including TomTom, to make improvements to the data they're providing. Previously we'd heard that Apple was enlisting its retail employees in reporting Maps data errors, and Cook indicated in his apology that user reports would help improve Maps over time. Cue's role as a "fixer" on Maps isn't unprecedented. In 2008, he was tasked with turning around MobileMe, which suffered from a host of problems following its troubled launch.
Daily Update for November 8, 2012
It's the TUAW Daily Update, your source for Apple news in a convenient audio format. You'll get all the top Apple stories of the day in three to five minutes for a quick review of what's happening in the Apple world. You can listen to today's Apple stories by clicking the inline player (requires Flash) or the non-Flash link below. To subscribe to the podcast for daily listening through iTunes, click here. No Flash? Click here to listen. Subscribe via RSS
Eddy Cue joins Ferrari board of directors
Apple's head of Internet software and services, Eddy Cue, is now a member of the board of directors at Ferrari. Ferrari announced on Wednesday that Apple's well-known dealmaker has joined the board and will bring his Internet commerce experience to the company. Ferrari Chairman Luca di Montezemolo said in a statement that "I am delighted that Eddy Cue, one of the main driving forces behind Apple's range of revolutionary products, has now joined our board. His huge experience in the dynamic, innovative world of the Internet will be of great assistance to us." Cue also chimed in about his appointment, extolling his fondness for the company, "I am pleased and proud to become a member of the board," Cue said. "I have personally dreamed of owning a Ferrari since I was 8 years old and have been lucky to be an owner for the past five years. I continue to be awed by the world-class design and engineering that only Ferrari can do." This isn't the only interaction between the Italian car maker and Apple. Earlier this year, di Montezemolo confirmed that he sat down for two hours with Apple CEO Tim Cook to discuss business strategy and management. He said the two companies "share the the same passion, the same love for the product" as well as the same "maniacal attention to technology, but also to design." [Via Engadget and AppleInsider]
Apple VP Eddy Cue: Apple TV not likely in the near future
If you were hoping for a 60-inch Apple-branded HDTV for Christmas, get prepared to buy yourself another toy instead. Pacific Crest analyst Andy Hargreaves met Wednesday with Apple CFO Peter Oppenheimer and Senior VP for Internet services and software, and today he published a company update saying that "An Apple television appears extremely unlikely in the near-term." Hargreaves noted that it doesn't appear to be technology that's holding up the entry of Apple into the TV or cable set-top box -- instead, it's the cable TV companies and content providers that are holding up the works. From Hargreaves' report: The key problems in the television market are the poor quality of the user interface and the forced bundling of pay TV content, in our view. While Apple could almost certainly create a better user interface, Mr. Cue's commentary suggested that this would be an incomplete solution from Apple's perspective unless it could deliver content in a way that is different from the current multichannel pay TV model. Unfortunately for Apple and for consumers, acquiring rights for traditional broadcast and cable network content outside of the current bundled model is virtually impossible because the content is owned by a relatively small group of companies that have little interest in alternative models for their most valuable content. The differences in regional broadcast content and the lack of scale internationally also create significant hurdles that do not seem possible to cross at this point. According to Apple 2.0's Philip Elmer-DeWitt, that message is in line with published reports about the slow pace of Apple's negotiations with cable TV companies. Elmer-DeWitt's take? "Apple's much-rumored breakthrough in television -- whatever form it takes -- is likely to come later rather than sooner."
Apple SVP Eddy Cue wanted 7-inch iPad in 2011, internal email says
During today's proceedings at the Apple vs. Samsung patent infringement trial in Northern California, an internal Apple email came to light, where Senior Vice President of Internet Software and Services Eddy Cue suggested that the company manufacture a 7-inch tablet, anticipating a market for a smaller slate. The email reportedly dates back to January of 2011, and was sent to Scott Forstall, Tim Cook and Phil Schiller, according to The Next Web. AllThingsD added that the topic originated with an email from a reporter, who shared that they had switched to a 7-inch Samsung tablet from the iPad, because they found the smaller size of the Tab more appealing. Cue reportedly agreed with the findings, and made his own suggestion. That email hasn't led to a smaller form-factor iPad to date, but with rumors heating up around an upcoming "iPad Mini," it's possible that Apple's compact tablet could one day arrive. And Cue was right -- there's clearly demand for a 7-inch tablet. Update: Read the email for yourself after the break.
Apple wants courtroom cleared while Steve Jobs deposition is played
Universal Music Group is embroiled in a few lawsuits involving money owed to producers and artists, and in the course of events depositions by Eddy Cue and Steve Jobs were recorded at some point. Now, as these cases near trial, Apple is seeking a modification to a protective order to keep those depositions from being seen by anyone outside the courtroom -- primarily, musicians. While this may sound nefarious, the fact is that previously the court was willing to clear the courtroom (of UMG employees, too) when reviewing these depositions. Apple claims the release of documents that may include discussions between it and record labels would prove materially damaging to its business (iTunes) -- and I'm inclined to agree. While it would no doubt clue musicians in to some interesting tidbits, the fact is that those negotiations were private for a reason. The Jobs and Cue depositions, likely having discussed those negotiations, are similarly in need of protection, lest Apple's competitors know exactly where Apple stands with its groundbreaking iTunes Music Store and record labels.
Apple launches iBooks 2 e-Textbook platform (video)
We're here at Apple's education-flavored event at the Guggenheim museum in New York City. Phil Schiller has just taken to the stage and announced the first half of Apple's platform that's going to "reinvent the textbook:" iBooks 2. Saying that there were 1.5 million iPads currently in use in Education (using 20,000 specific apps), the revamped book-stand now includes education-specific features to help the budding students of the world. You'll be able to paw through content, stopping to flick through detailed 3D animated models of elements within, access video and definitions without leaving the page. VP of Productivity Applications, Roger Rosner said that "Clearly, no printed book can compete with this:" given the constantly-updated data available, that's kinda obvious. Still, you'll be able to read in a text-heavy portrait or picture-biased landscape mode and there's also the option to have random pop-quizzes appear to keep you on your toes. Annotations is an integral part of the system: you can add stickies to individual pages and aggregate them into virtual 3 x 5-inch note-cards for revision during finals. You'll also get the same purchase, download and re-download rights you enjoy in the company's other stores. The company's partnered (initially) with textbook makers Pearson, McGraw Hill and Houghton Mifflin Harcourt, as the trio are responsible for 90 percent of all textbooks sold -- as well as DK and the E.O. Wilson Foundation. Phil was gushing, saying that he couldn't "overemphasize the importance of these partners working with us." Pearson's High School Science, Biology, DK's Dinosaurs and Prehistoric Life, Natural History Insects, Animals and My First ABC as well as the first two chapters of E.O. Wilson's Life on Earth will be available at launch -- the latter is free. You'll be able to download iBooks 2 from the app store free of charge, whilst textbooks themselves will cost $14.99 or less : a far cry from the $80 dead-tree textbooks we shelled out for in college. Update: We've got a hands-on up live from the Solomon R. Guggenheim Museum in New York City!
Apple promises 'education announcement' in New York on January 19th
We'd heard it was coming, and for the second year in a row, Apple has disrupted the natural flow of CES by announcing an event of its own. Granted, this one -- slated to be held January 19th at the Guggenheim Museum -- is packing far fewer implications than the Verizon iPhone event of 2011, but suffice it to say, anyone who enjoys "learning" should be tuning in later this month. If you'll recall, it was reported by TechCrunch that the event would be entirely related to publishing, with no new hardware on tap; Fox's own Clayton Morris followed up to say that it'd have something to do with iTunes. We're guessing it'll link somehow to iTunes U, and considering that Apple hasn't made a major public push into the land of EDU since the eMac, perhaps it's time that the company got things like Reading Rainbow into the hands of dazed and confused grade-schoolers everywhere.
Rumor: Apple media event slated for January?
On this slow-start Monday (the official observance of the New Year's Day holiday in the US, in case you were wondering why everything was moving like molasses), we have AllThingsD's Kara Swisher to thank for a neat tidbit of possible Apple news. The Dow Jones site is reporting that Apple is planning a media-related event in New York City this month. What would this "not large-scale" but still supposedly important event be? It's not about the next iPad revision, say ATD's sources, nor is it likely to be the hypothetical full-featured, large screen Apple TV announcement -- although Apple SVP Eddy "Mr. iTunes" Cue is part of the event team. It could be a partnership with a content company, similar to the News Corp/The Daily launch event. It could be a product announcement regarding live-TV streaming moving onto iTunes and the existing Apple TV, with happy network folk standing beside Tim Cook. Or, since we are getting into the Jetsons era, maybe Apple is introducing the Mr. Fusion. One thing's for sure, it's not a thermostat. At least, probably not.
Apple gearing up for 'media-related announcement' later this month?
Leave it to Apple to completely avoid CES, yet be one of the largest stories surrounding its dates. Much like last year's invite to what would eventually be the introduction of Verizon's iPhone 4, All Things D has it on good authority that the folks in Cupertino are spending their first hours back on the job planning a "media-related announcement" for later this month. Contrary to earlier beliefs, we're told by All Things D that this particular event won't be related to the next-gen iPad, and it's also "unlikely" to be connected to a "large-scale rethinking of its interactive television initiative." So, knowing what it won't entail... what will be talked about? According to unnamed sources, Apple SVP of Internet Software and Services Eddy Cue is reportedly involved. For those unaware, Cue is responsible for a sizable chunk of Apple's media units, not the least of which include the App Store, iBookstore, iTunes Store and iCloud. Sadly, details outside of that are few and far betwixt, but you can bet we'll be keeping an ear to the ground for more -- even if it's smack-dab in the middle of a Sony CES keynote. Cough. Update: TechCrunch is reporting that it'll focus on the publishing sector, with no new hardware whatsoever on tap. Update 2: Clayton Morris has chimed in and confirmed that it'll be related to iTunes.
Apple has missed iTunes Match launch date
Did you notice this morning that it was November 1st? Did you also notice that iTunes Match isn't working yet? Yep, Apple missed a deadline date, having "promised" that the new iTunes service would be available "by the end of October." That date was set at the October 4, 2011 "Let's Talk iPhone" event by Apple's Senior VP of Internet Software and Services, Eddy Cue. iTunes Match is a US$24.99 annual feature that scans your iTunes library for titles, matches them with copies in the cloud, and then offers you the best possible recording to replace whatever copy you may currently have in iTunes. It acts as kind of an "online music locker" to store high-quality renditions of any music you may currently own. The feature has been in wide use by developers, who were asked last week to make sure that they turned off iTunes Match on their various devices before October 27th as the cloud data was going to be wiped. In addition, the beta version of iTunes 10.5.1 that contained iTunes Match expired yesterday, which was a bit of a shock to some developers who weren't happy about having to revert to an earlier version of iTunes. The service appears to be close to launch, as retail staff have been instructed in how to use iTunes Match, but they definitely missed the month of October as a deadline. As one commenter at The Loop noted, "Did they say what year?" Let's hope we don't have to wait that long for iTunes Match to finally make it to our devices.
Eddy Cue promoted to Senior VP of Internet Services
Apple has promoted its Vice President for Internet Services, Eddy Cue, to Senior Vice President for Internet Software and Services. The promotion represents the first reorganization of Apple's leadership under Tim Cook's command. Cook distributed an email earlier today, first obtained by 9to5Mac, that announced Cue's promotion to the company: Team, It is my pleasure to announce the promotion of Eddy Cue to Senior Vice President of Internet Software and Services. Eddy will report to me and will serve on Apple's executive management team. Eddy oversees Apple's industry-leading content stores including the iTunes Store, the revolutionary App Store and the iBookstore, as well as iAd and Apple's innovative iCloud services. He is a 22-year Apple veteran and leads a large organization of amazing people. He played a major role in creating the Apple online store in 1998, the iTunes Music Store in 2003 and the App Store in 2008. Apple is a company and culture unlike any other in the world and leaders like Eddy get that. Apple is in their blood. Eddy and the entire executive management team are dedicated to making the best products in the world that delight our customers and make our employees incredibly proud of what they do. Please join me in congratulating Eddy on this significant and well-deserved promotion. I have worked with Eddy for many years and look forward to working with him even closer in the future. Tim As a Senior Vice President, Apple has given Cue his own biography page, which lists his new duties at Apple. Among them, Cue will oversee the iTunes Store, the App Store, the iBookstore, Apple's iCloud services and the iAd advertising platform. Good luck, Eddy!
A look at Apple's "all-star" executives
Tim Cook, Phil Schiller, Jony Ive, and Steve Jobs are big names at Apple. These top executives are known around the technology industry and around the world for their operational excellence, marketing know-how, design genius and powerful reality distortion fields. While these four men often get credit for much of Apple's success, the company boasts an enviable collection of talented "chiefs" and senior vice presidents who help carve its skyward path. A new gallery from CNN Money takes a brief look at eleven of Apple's all-stars. For avid fans of Apple, some of the names mentioned in CNN Money's gallery may be familiar. But if you don't recognize names like Craig Federighi, Scott Forstall, Bob Mansfield, Ron Johnson, Peter Oppenheimer, Bruce Sewell, Jeff Williams, Eddy Cue, Katie Cotton, Dr. Guy "Bud" Tribble, or Greg Joswiak, this may be a good opportunity to brush up on the men and women who help shape one of the world's most successful companies.
Live from The Daily launch event, with Apple's Eddy Cue
Is the future of media an iPad-exclusive daily newspaper that's delivered automatically overnight using a new subscription service? We're here at the Guggenheim Museum in New York for the launch of News Corp's The Daily to find out -- and Apple's VP of internet services Eddy Cue is scheduled to join Rupert Murdoch on stage, so things could get interesting. Join us, won't you?
News Corp and Apple set date for The Daily launch: February 2nd
The Daily, News Corp's iPad-specific news"paper," is living up to speculation about an early February inauguration with the announcement of a launch event on February 2nd. CEO Rupert Murdoch is explicitly mentioned on the invite, though Apple's presence will be fulfilled by Eddy Cue, presumably a late draft-in to substitute for his company's CEO, Steve Jobs, who's currently out on medical leave. Even without the great Apple orator, we expect the arrival of the first tablet-only news outlet to be a significant event, so we'll be strapping on our liveblogging gear and heading out to the Guggenheim Museum for a looksie. You'll join us in spirit, won't you?
Apple in talks to launch iTunes subscription music service?
Rumors of an iTunes subscription service are nothing new, but it's not every day they pop up in Reuters and the New York Post and CNET all at once, so here we go again. The Reuters and NYP reports claim Apple's Eddy Cue has been meeting with record execs to pitch a new $10-$15 monthly service that would offer unlimited access to music -- the pricing would be tiered depending on the amount of music consumed and how long you'd get access to it. That goes hand in hand with the CNET piece, which says Apple's trying to keep Spotify from getting US deals in place by telling the labels they'll never make any money from the service -- not the most chivalrous of moves, but no one ever said the music business was a friendly place. Of course, we've been hearing versions of these rumors for ages now and we're sure there are always talks ongoing, so this could all be nothing, but we'd bet Apple's trying to work something out ahead of Microsoft's Windows Phone 7 launch and renewed Zune marketing push. We'll see, we'll see.
Royalty rate stays the same, iTunes Store still open
The U.S. Copyright Royalty Board decided today to keep rates the same for digital music stores, kneecapping Apple's threat to shut down the iTunes Store rather than operate at a loss. The three-member board kept the royalty rate at 9.1 cents, and mandated a 24-cent rate for ringtones. The board has never before established mechanical rates for digital files. "We're pleased with the CRB's decision to keep royalty rates stable," said an unnamed Apple spokesman. The popularity of Eddy Cue's statement that Apple would shutter the iTunes Store apparently had an effect on the board. "Sure it was posturing," said a music industry source, according to CNET. "I don't think Apple would have gone out of business but a statement like that from the biggest music retailer is going to carry some weight." [Via CNET.]
VP: Apple would rather close iTunes Store than pay additional royalties
If a ruling expected tomorrow by the Copyright Royalty Board raises royalties for online music sales from 9 to 15 cents per track, Apple would rather shut the iTunes store down than operate it at a loss. Them's fightin' words. Eddy Cue, Apple's iTunes VP, wrote in a statement to the Times of London, "If [iTunes] was forced to absorb any increase in the ... royalty rate, the result would be to significantly increase the likelihood of the store operating at a financial loss -- which is no alternative at all. Apple has repeatedly made it clear that it is in this business to make money, and most likely would not continue to operate [iTunes] if it were no longer possible to do so profitably." Of course, this is the "nuclear" option. Apple is most likely trying to gain aggressive leverage before the CRB decision is made. Apple is essentially asking music publishers, "do you want all the revenue you've earned through iTunes, or another measly 6 cents per track?" Shrewd, but is it shrewd enough? Some analysts speculate that Apple is more likely to pass the additional cost on to the consumer, rather than demolish a key slice of their business. What that will do to sales in the U.S. is hard to say. If the CRB raises royalties, what do you think will happen? Will you continue to buy music online? Sound off in comments. [Via IGM.]
