Apple CEO Cook is fulfilling another Jobs vision
BERKELEY, Calif. – Apple co-founder Steve Jobs, who died in 2011, was a tough act to follow. But Tim Cook seems to be doing so well at it that his eventual successor may also have big shoes to fill.
Initially seen as a mere caretaker for the iconic franchise that Jobs built before his 2011 death, Cook has forged his own distinctive legacy. He will mark his ninth anniversary as Apple’s CEO Monday – the same day the company will split its stock for the second time during his reign, setting up the shares to begin trading on a split-adjusted basis beginning Aug. 31.
Grooming Cook as heir apparent was “one of Steve Jobs’ greatest accomplishments that is vastly underappreciated,” said long-time Apple analyst Gene Munster, who is now managing partner of Loup Ventures.
The upcoming four-forone stock split, a move that has no effect on share price but often spurs investor enthusiasm, is one measure of Apple’s success under Cook. The company was worth just under $400 billion when Cook the helm; it’s worth five times more than that today, and has just become the first U.S. company to boast a market value of $2 trillion. Its share performance has easily eclipsed the benchmark S&P 500, which has roughly tripled in value during the past nine years.
But it hasn’t always been easy. Among the challenges Cook has faced: a slowdown in iPhone sales as smartphones matured, a showdown with the FBI over user privacy, a U.S. trade war with China that threatened to force up iPhone prices and now a pandemic that has closed many of Apple’s retail stores and sunk the economy into a deep recession.
Cook, 59, has also struck out in into novel territory. Apple now pays a quarterly dividend, a step Jobs resisted partly because he associated shareholder payments with stodgy companies that were past their prime. Cook also used his powerful perch to become an outspoken advocate for civil rights and renewable energy, and on a personal level came out as the first openly gay CEO of a Fortune 500 company in 2014.
Apple declined to make Cook available for an interview.