• by Gavin O'Malley  @mp_gavin, September 1, 2011

As part of a broader corporate restructuring, Apple on Wednesday promoted Eddy Cue to senior vice president, Internet software and services.

Having run iTunes since its birth, Cue is widely recognized as Apple's key music industry liaison, as well as a top ad man at the company.

While continuing to run the iTunes Store -- including its App Store and iBookstore -- Apple said Cue will now lead its iCloud cloud-computing platform and iAd.

As head of advertising for Apple's phones, tablets and other portable devices, Cue will report directly to Tim Cook, just named CEO upon the resignation of Steve Jobs.

Responsible for Apple's iAd division, Cue has his work cut out for him. Earlier this year, Apple cut the minimum that advertisers must spend through iAd -- from $1 million to $500,000 -- to appease critics and cast a wider net.

Apple also reportedly cut ad commitments by as much as 70% amid defections by top advertisers. Neither Cue or an Apple spokesman returned requests for comment on Thursday.

Although Apple claims more than 60 successful brand campaigns for iAds and a 100% renewal rate, developers have reportedly expressed concerns that the platform has been slow to gain traction.

Between its high cost and the fact that iAd promotions only reach Apple users, advertisers are taking a closer look at Google's AdMob, Millennial Media and Greystripe.

With Apple for over 20 years, Cue is credited with playing "a major role in creating the Apple online store in 1998, the iTunes Music Store in 2003 and the App Store in 2008," Cook said in his memo.

Formerly vice president of Internet services at Apple, Cue will also serve on the company's executive management team.