Apple CEO was grilled at the annual shareholders meeting yesterday and some of his answers hit hard. Cook said that the company direction without Jobs is still under debate, indicating that he is carefully weighing all the options.
Replacing Steve Jobs is no easy task. The iconic Apple leader has been marked in history as having an unusual, moody, yet aggressive style of management … but it did work. Under his leadership Apple have became one of the wealthiest companies ever. Cook has an almost impossible future ahead of him. If he is successful, then part of the acclaim will still be given to Jobs, after all he left the company in such a strong position, how could Cook fail? If he isn’t successful, then Cook will end up the fall guy.
Cook said they are ‘thinking about this very deeply’ adding ‘This isn’t a case where 100 percent of people are going to agree with what I do’.
He says the company has more money than it needs. Working out how to invest or spend the $98 billion cash reserves is a subject of much debate. Jobs liked to hoard money in the company account, but is it time for a change?
Who can remember 1997 when Apple received a $150 million handout from Microsoft to keep them alive? Many say that this was the turning point for Jobs, because he would never let a situation like that happen again. Storing away cash at every opportunity to cover potential problems down the line.
This could change shortly, because by Cook saying that they have more cash than they need, it means he might be willing to throw some of it into investments and new higher risk opportunities.
In the last 12 months, Apple stock has boomed by 50 percent, giving shareholders a wealth of around $160 billion. Apple have, at the most recent analysis earned a market wealth of $480 billion. A staggering valuation which puts Microsoft firmly in the shade.
Kitguru says: Tim Cook has one of the most difficult CEO jobs of all time. No matter what he does, he will always be compared to Steve Jobs. How can he win?