Apple's new CEO, Tim Cook, has promoted Eddie Cue to senior vice president of Internet software and services from his previous position of vice president of iTunes, the company says.

In his new position, Cue will oversee the iTunes Store, the App Store, iAds and the new iCloud platform.

Cue, who has been part of Apple for over 20 years, now manages Apple's cloud operations, which we believe will become more important as the new iCloud platform is rolled out, said Ben Reitzes, an analyst at Barclays Capital.

He believes this move signals a more important role for iCloud in upcoming products and services.

Cue's promotion also comes on the heels of Andy Miller's resignation in mid-August as the vice president of mobile advertising. Reitzes said this appointment marks the first high-profile personnel move for the now-permanent CEO, Cook.

Reitzes says Apple maintains a large pool of talent within the company and he looks forward to learning about a replacement for outgoing retail chief, Ron Johnson (he believes this hire will be external).

He continues to believe that Apple's culture can endure the resignation of Steve Jobs from the CEO role.