“In recognition of Eddy Cue’s promotion to Senior Vice President of Internet Software and Services, Apple has awarded Cue 100,000 restricted stock units with half vesting in 2013 and the other half in 2015, pending continued employment through the vesting dates [SEC filing],” Jordan Golson reports for MacRumors.
Golson reports, “This stock is worth $37.4 million at current prices.”
Read more in the full article here.
MacDailyNews Take: Tidy.
Related article:
Apple CEO Tim Cook promotes iTunes chief Eddy Cue to Senior VP of Internet Software and Services – September 1, 2011
In other news, Apple retail employees can still barely pay their rent.
There is a correlation between highly paid executives and their qualifications for such at Apple. ( hint: it’s more than the ability to blog, voice opinion and self promote themselves)
In other news, no one in retail can pay their rent. No film at 11 because, seriously, you do NOT want video of disgruntled retail employees.
In case you haven’t noticed companies exist for one reason and one reason only….To enrich it’s executive staff…The rank and file are merely an afterthought…
See what Microsoft stores will give you. If there open in a year!
So name one other retail chain that is the size of Apple that pays more, has better benefits and is a better place to work?
If you think that working in an Apple store is so low end then you obviously have not worked in retail….. Or much else ….
What about unionized Safeway employees? I hear they do pretty well. And I am talking about vested 20+ year register clerks.
What is acceptable pay? How much does it take to pay rent, utils, and food – not being a fat piggy. 20 30 40 50 70K?
Just saying these guys don’t make enough without providing some form of measurement is a bullshit comment.
Everyone has the chance to educate themselves, find a hole in the market, and fill it. No one should expect to get rich working at an under-executive level. As my wife tells my three- and four-year-olds, “you get what you get and you don’t throw a fit!”
I’m so suck of these bleeding-heart comments about the little guy, and his place as the whipping boy by the big wig executives. If one doesn’t like their place in life, one should do the work to change it…
GO CHANGE THE WORLD!!!!
@Dave: Another moron joins the conversation.
I’m hoping that isn’t meant to be ABOUT me, but rather, about someone else. Clarity in print is sometimes lacking.
the guy gets a 40 million dollar bonus for getting a promotion?
im sorry but that is a little excessive
¿So?
My advice: lead, follow or get out of the way!
Like Dave already said, if you don´t like it go out and change de world.
The bonus is not for a job well done… Although that maybe inferred. The bonus is a bribe to not leave for the next ten years. Who is going to offer him 40Mil, to jump ship? Really it’s a poison pill to any head hunter that’s out there… I am sure he is not the only one getting this bonus.
anyone who has issue with this bonus needs to have their heads examined. this is a major promotion that brings with it staggering responsibility. internet software services at Apple in the year 2011?! this couldn’t be bigger. add to that that Apple is one of the most profitable corporations in the known universe and it gets even more ridiculous—an estimated $40,000,000.00 is chump change.
that said, if he screws up and I lose any money as a result… and I can’t take 4 vacations a year? well…
I think this bonussus are crazy.
I’m not saying that Eddie doesn’t deserve the 100,000 shares that come with his promotion. Or that Tim doesn’t deserve the 1,000,000 that came with his. However Apple has an army of smart, talented, and passionate people that work in their retail stores that are expected to have far more knowledge than any other retail environment. So as a company that says it holds it’s employees as it’s most valuable resource, Apple could afford to pay a living wage to those employees without affecting it’s massive bank roll in the least. I’m not suggesting that Geniuses should make six figures (that’s ridiculous), but for what they are expected to do and know, I’d say they’re underpaid.
A living wage here in California, is under $10.50/hr. For a single adult.
The average from Glass Door, shows Geniuses get $18.04/hr, which including bonuses and benefits get over $36K per year.
A married couple can live, with the wife staying home and a living wage of $15.57 <– that's the actual living wage for two adults. With children it's more. But of course marriage and children are life choices, aren't they.
Sorry, you fail.
Are you on crack? In NYC a one bedroom apartment in Brooklyn (not Manhattan where all the stores actually are) will run you at least $1500 a month. You find me someone that makes $10.50/hr that can “live” on that while paying federal, state, and city taxes. Plus electric, gas, cable (if you want Internet to stay up to speed on tech and things), groceries, and clothing. Forget owning a car or ever being able to buy a house, condo, or co-op. And it’s not just NYC. It’s the same anywhere where there are stores (typically affluent neighborhoods). Boston, SF, Chicago, LA. It’s the same everywhere. Like I said, I don’t expect retail employees to make six figures, but why wouldn’t the most valuable company in the world want more of it’s employees to be a little further from the poverty line?
Dude, you said living wage. It could have been on the moon. Based on the amount of info you provided.
I took, a living wage from the closest community that I felt represented America the most. If you are talking about the most expensive area in the country, I can’t help you, certainly it’s not right to lump everyone in the same basket, but I am sure Apple doesn’t do that, and pays accordingly to the city’s their workers live in.
I did not find demographic breakdown of how much Apple pays their store employees, but it is possible to get a demographic breakdown for the living wage for each community.
It is my interpretation that working at an Apple store is not and has never been about making life long career choices. You do not need a bachelor’s degree, most employers like to see at least 2 years work experience. The extent of technicsl knowledge I have come to experience from Apple employees at the Geniouses Bar is not expert or professional, beyond a young adult.
If you want people to take your complaint seriously, you need to be more specific, state how much Apple employees earn at a specific store, in a specific comnity, and according to the living wage for that community they should be getting paid a certain amount, adjusting for their skill level.
i had an opportunity to live and work in San Fransisco. Based on the money I make, in the community I live in. Even if I were to double my pay, plus the fact that S.F, is not a child friendly city, my disposable income would go down, if I chose to make that career move. Besides, increased living expeses, my taxes would go up in sales tax, income tax and property tax.
I chose to stay right where I am, knowing it would be finically foolish to make the move.
People need to understand these things and make the right choices about where they live. They must suffer the consequences, of their choices if they choose unwisely.
Truly if Apple didn’t pay enough, wouldn’t people not work there? What I hate the most is when people shoehorn there way into a job, and then try to twist and turn their way into a higher wage, outside the normal cost of living. And like wise a company that does not work with COLA increases. Sometimes things don’t go as planned though and we gave to be adjustable.
Apple definitely has different compensation levels based on where the jobs are. And I’m not necessarily talking about Genius or Manager wages, as they are the two highest paid positions in the store. The people on the sales floor suffer the most because they make about the same as other sales people at the Gap or J. Crew. The point is, with all of the product knowledge and technical knowledge that Specialists at Apple retail are expected to have. And the fact that they have to constantly keep up with that information as the tech landscape changes, it’s unfair to pay them the same as some kid that folds shirts at the Gap. Someone else in the comments above said that 40 million was chump change for Apple. That’s true, and they could offer stock bonuses or performance based incentives to other employees that wouldn’t cost them anything really, but they don’t. I don’t believe in money for nothing, but these people work their asses off, and most of you think they’re pretty damn valuable when your shit doesn’t work.
What does the minimum living wage have to do with the fair value of a particular occupation? Exactly nothing!
I can’t argue with you, we are not talking about minimum wage.
The original statement was, they deserve a living wage.
I provided facts to the contrary that they are earning more than the living wage, based on the community that is closest to me.
The reply to that was oh, we are not talking about California, we are talking about New York City. I can’t argue with that, because I didn’t know we were talking about NYC, it wasn’t mentioned before.
I cannot discuss subjects or targets that are not well defined or the definition changes to suit the ground you walk on. If you wish to change the focus then make a new argument and we can work on that.
To reiterate, people make choices where they live and work. If they want a better life for the income they make, they need to do a bit of research and soul searching. If they want to live in NYC, then maybe working at the Apple Store is a bad career choice. If they are young, the issue is less of a concern.
Certainly they can earn less money working for RiteAid or Sears, though many have made that their career. My grandfather worked and retired from Sears, then worked again to make ends meet. My father worked at Sears, and then realized that it wasn’t going to cut it. He went back to school passed whatever tests for licenses that are required and became a broker on the NY Stock exchange. He worked until well passed 70, lives in the wine country, and is generally happy. But he did make choices to rase a family of 5 and send his boys to college.
If you want to fight for the compensation of Apple Store employees, maybe you should focus your energy on kicking their arses into college and helping them get a better start on life.
If they are so passionate, why do they have to be glued with this kind of money. Sounds more like a my d is bigger competition.
Passion doesn’t pay for rent or electricity.
In general, executive compensation in this country is out of control. Until something structurally changes in this country, Apple needs to play by the current rules and pony up. But things do need to change- where execs made a tidy 40x avg worker wages in 1980, now it’s more like 300x. There’s a saying… Hogs get slaughtered, pigs get fed. Which is to say a little greed is good, but too much and you look like dinner.
I think compensation in sports is buttugly.
This is the society we live in. We are seeing gross abuses in executive pay, even when they are not deserved.
However the pay these guys at Apple are getting is not straight cash. It’s a carrot. It has value today, it can go up and it can go down. It’s worth millions, because who else want’s to steal an executive who will loose millions to quit their job. These guys know the CocaCola secret formula. They know the seven spices to KFC’s fried chicken. (analogously) Why would Apple let them go?
So many companies have these payouts. However when HP CEOs get millions in cash and do nothing but destroy the company, that is sick and evil. Bank execs also, sick and evil.