Following the resignation last night of Steve Jobs as Apple CEO, shares today in the technology giant dipped by 2 percent, hardly a mass sell-off.
There’s a reason for that. Tim Cook was hand-picked by Steve Jobs as his successor — the writing has been on the wall for years now as investors widely expected Cook to get the call eventually. Cook has stepped in several times to act as Apple’s interim CEO when Jobs was out on medical leave. And for the last three years, Cook has also been a co-presenter at Apple keynote events, even going so far as to adopt his boss’ trademark jeans and black long-sleeved shirt. Cook helmed one by himself when Jobs was out on leave early this year.
But who is Tim Cook?
Intensely private, few facts about the man have seeped out in recent years. A graduate of the University of Auburn, Cook came to Apple in 1998 after stints at IBM and Compaq, where he was widely regarded as a whiz in efficiency.
One of Cook’s first tasks at Apple was reining in manufacturing waste. He immediately shuttered widely dispersed Apple factories and warehouses and turned to contract manufacturers. He was also instrumental in gauging the popularity of unreleased Apple products
Professionally, he is often described as a workaholic who prides himself as being the first man in the office in the morning and the last one out at night. He’s been known to start emailing employees before dawn.
He’s also described as a taskmaster who is drill-sergeant tough on people who work under him. One example had him sending a subordinate to China directly from Apple’s Cupertino, Calif., headquarters in the middle of a meeting. “Why are you still here?” Cook asked when the employee did not immediately pick up and head to the airport.
A detailed 2008 Fortune magazine profile also portrayed his people skills in a less than flattering light. One former co-worker admitted, “I’ve seen him shred people. He asks you the questions he knows you can’t answer, and he keeps going and going and going. It isn’t funny, and it’s not fun.”
Cook, of course, inherits a company that shows no signs of slowing down. Earlier this month, it briefly surpassed Exxon Mobil as the world’s largest company by market cap.
So despite his apparent lack of empathy or people skills, Cook is being seen as an effective leader who has guided Apple through some extraordinarily difficult times. And Wall Street seems confident he can keep Apple on its current roll.
“From a succession perspective, they could not have possibly identified a better candidate,” Ashok Kumar, an analyst at Rodman & Renshaw told Reuters. Cook “has a track record to back it up. What Steve Jobs leaves behind is a very deep and a broad bench and so they will continue in his footsteps.”
Still, ever opportunistic, Wall Street early today traded up shares in companies that might be seen as Apple rivals, such as Samsung, Google, Sony and Microsoft.
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There’s a reason for that. Tim Cook was hand-picked by Steve Jobs as his successor — the writing has been on the wall for years now as investors widely expected Cook to get the call eventually. Cook has stepped in several times to act as Apple’s interim CEO when Jobs was out on medical leave. And for the last three years, Cook has also been a co-presenter at Apple keynote events, even going so far as to adopt his boss’ trademark jeans and black long-sleeved shirt. Cook helmed one by himself when Jobs was out on leave early this year.
But who is Tim Cook?
Intensely private, few facts about the man have seeped out in recent years. A graduate of the University of Auburn, Cook came to Apple in 1998 after stints at IBM and Compaq, where he was widely regarded as a whiz in efficiency.
One of Cook’s first tasks at Apple was reining in manufacturing waste. He immediately shuttered widely dispersed Apple factories and warehouses and turned to contract manufacturers. He was also instrumental in gauging the popularity of unreleased Apple products
Professionally, he is often described as a workaholic who prides himself as being the first man in the office in the morning and the last one out at night. He’s been known to start emailing employees before dawn.
He’s also described as a taskmaster who is drill-sergeant tough on people who work under him. One example had him sending a subordinate to China directly from Apple’s Cupertino, Calif., headquarters in the middle of a meeting. “Why are you still here?” Cook asked when the employee did not immediately pick up and head to the airport.
A detailed 2008 Fortune magazine profile also portrayed his people skills in a less than flattering light. One former co-worker admitted, “I’ve seen him shred people. He asks you the questions he knows you can’t answer, and he keeps going and going and going. It isn’t funny, and it’s not fun.”
Cook, of course, inherits a company that shows no signs of slowing down. Earlier this month, it briefly surpassed Exxon Mobil as the world’s largest company by market cap.
So despite his apparent lack of empathy or people skills, Cook is being seen as an effective leader who has guided Apple through some extraordinarily difficult times. And Wall Street seems confident he can keep Apple on its current roll.
“From a succession perspective, they could not have possibly identified a better candidate,” Ashok Kumar, an analyst at Rodman & Renshaw told Reuters. Cook “has a track record to back it up. What Steve Jobs leaves behind is a very deep and a broad bench and so they will continue in his footsteps.”
Still, ever opportunistic, Wall Street early today traded up shares in companies that might be seen as Apple rivals, such as Samsung, Google, Sony and Microsoft.
RELATED ARTICLES
APPLE KING RESIGNS: Jobs says 'day has come' for him to stop down as CEO of computer powerhouse
‘I HEREBY RESIGN AS CEO’: The following is the full text of Jobs’ resignation letter, revealed yesterday to a stunned tech world.
MEET TIM COOK: Apple's new CEO likes Sunday meetings to prep for the week ahead
JOBS WELL DONE: From Apple to iPad, a look at the man behind a remarkable legacy
VIDEO: LIFE LESSONS
