Ferrari adds Apple executive to board

Ferrari has tapped a high-ranking Apple executive responsible for iTunes and the App Store to serve as a new member of its board.

Eddy Cue has worked for Apple for 23 years and reports directly to company CEO Tim Cook. He serves as senior vice president of Internet and software activities for the Cupertino, Calif., company.

While Cue might not be a household name among auto enthusiasts, his work has resulted in many items that are a staple of American homes. He was integral to the launch of iTunes in 2003 and the App Store (2008), and he oversees the iBookstore, Siri and iCloud, among other services.

Ferrari chairman Luca di Montezemolo said in a statement that Cue’s experience in Internet technologies will be an asset to the famous sports-car maker.

“I am delighted that Eddy Cue, one of the main driving forces behind Apple’s range of revolutionary products, has now joined our board,” di Montezemolo said. “His huge experience in the dynamic, innovative world of the Internet will be of great assistance to us.”

Cue said he’s been a fan of Ferrari cars since he was 8 years old and has owned one for the last five years.

Ferrari announced Cue’s appointment to the board as part of its third-quarter update. The company sold 1,354 cars in the United States through the first nine months of the year, a rise of 16 percent. The U.S. market continues to be Ferrari’s largest, comprising 26 percent of global sales. In total, 5,267 cars were sold around the world through September, an increase of 6 percent. Revenue increased 10 percent.

By Greg Migliore