University of Rhode Island
TIM COOK, CEO1
The creativity and innovation that Jobs brought with Apple will inspire the world for decades to come. “The world has lost a visionary, he made an unprecedented impact not only on the world of computing and consumer electronics with insanely great products that inspired a generation of people to dream big and be different, he has also reinvented management by building and rebuilding one of the greatest companies on earth” (Mootee, 2011). How will Apple sustain the success it held under the management of Steve Jobs? After a long fought battle with pancreatic cancer, Steve Jobs died at the age of 56. The influence he had on the world is undeniable. He was much more than the CEO of a highly profitable company. Steve Jobs was a visionary. So, how could Apple possibly replace him? In its mission statement, as a company, “Apple is committed to bringing the best personal computing experience to students, educators, creative professionals and consumers around the world through its innovative hardware, software and Internet offerings”. Looking at Apple’s long track record, they have certainly lived up to that mission statement. With Steve Jobs at the helm, Apple has mastered many products such as the Mac Book, iPhone, iPad, iPod, and iTunes throughout the last decade. What sets Apple apart from similar companies such as Microsoft is stated in the mission statement, “its innovative hardware, software, and Internet offerings”. Unlike PC’s, which make up for the rest of the computer brands, besides Apple’s MacBook’s and iMac’s, are ran with Microsoft’s Windows programming. The innovation of its distinct operating system has TIM COOK, CEO2
given Apple products a definite advantage. Not only in the technology department, but also financial. An easy way to illustrate Apple’s growth as an entity in comparison to Microsoft is to look at their market values. For example, in 2003 suppose you purchase $40,000 worth of shares, $20,000 in Apple and $20,000 in Microsoft. If you were to sell your stock four years later, in 2007, your shares in Apple would sell for $500,000 while the shares in Microsoft would sell for just $30,000 (Shah 1). Although, your shares in Microsoft are still profitable, the $10,000 gain seems tiny compared to the $480,000 gain in Apple’s shares. Since 2007, Apple has continued to grow its market value and its innovating products. However, in the concern of Steve Jobs health and recently, his death, the stock value has had a tough couple of weeks (Yahoo! Finance). “But here is what investors need to keep in mind: This decline is from an all-time high that was hit in late September, while many other stocks were setting new lows. It is still way too early to pass judgment on Jobs' successor, Tim Cook, who is just 6 weeks into his tenure as CEO, but honest analysts will concede the best he could hope to achieve is to not screw it up. Bottom line, nobody could fill Steve Jobs' shoes” (Yahoo! Finance). As Apple hopes to continue its dominance in the computing market, all eyes will be on its new CEO, Tim Cook. Fortunately for Tim Cook, Apple has a strong foundation to say the least. With the production quality and high demand he has a lot to work with. Steve Jobs created a company that would thrive after his death. Because of the long, hard fought battle with cancer, Steve Jobs was forced to step down as CEO a couple of times due to illness and it TIM COOK, CEO3 was Tim Cook who took over for Jobs during those times. However, when Jobs’ battle with cancer took a turn for the worse, and his health was a major concern for the company, Tim Cook was appointed CEO of Apple and Jobs stepped down. Jobs continued to hold an influence on the company’s major business ideas and follow-through leading up to his death. Many did not call Cook the true...