The road to $2 trillion — Tim Cook took charge of Apple on August 24, 2011

While he had replaced Steve Jobs previously, August 24, 2011 was the day Apple officially became Tim Cook’s company and he began growing it into a $ 2 trillion business.

At the start of August 20, 2011, Steve Jobs was still in charge of Apple and the company’s products included the iPhone 4 and iPad 2. Then at the end of the day, Tim Cook was CEO, as Jobs was retiring. for health reasons.

He is the company’s seventh CEO and while he had apparently been happier to see Steve Jobs continue, the change was not as sudden as it seemed. From the outside, people had already seen the COO replace Jobs during his health-related absences.

And we learned that day that inside Apple there had been plans for this moment. Steve Jobs even explicitly mentioned them in his resignation letter.

“As for my successor,” he wrote to Apple’s board of directors, “I strongly recommend that we execute our succession plan and appoint Tim Cook as CEO of Apple.”

It was officially an internal Apple memo, but it was soon followed by a public memo from the company. Art Levinson, chairman of the board, made an announcement.

“The board is convinced that Tim is the right person to be our next CEO,” he said. “Tim’s 13 years of service with Apple have been marked by exceptional performance, and he has demonstrated remarkable talent and sound judgment in everything he does.”

Cook’s background

The board would say that, of course, part of their job was to convince investors that Apple would be in good hands. It was more than talking about public relations, as the board had had plenty of time to see Cook in action as CEO.

They had also seen him in very successful acting as COO. Plus, they all knew both how lucky they had been to have him – and how he nearly turned down Steve Jobs’ offer in 1988.

According to Cook, “any purely rational consideration” would have rejected Apple’s job offer in 1998. This is mainly because Cook was at Compaq then and seemed to have a bright future, but it was also because Apple was only climbing from its perilous’ 90s state.

Tim Cook with Steve Jobs and Phil Schiller

“[However,] I was never going to find my purpose in working somewhere without a clear sense of purpose of its own, ”Cook said in 2017.“ I tried meditation. I looked for advice and a religion. I am great philosophers and authors. In a moment of youthful indiscretion, I could have even experimented with a Windows PC. And obviously, it didn’t work. ”

He also said it only takes a few minutes for him to know he wants to join Apple. Then, when he took the job, it seemed like it only took a few minutes to shut down factories and warehouses en masse.

As much as the new iMac and later the iPod, however, Apple’s turnaround started with these logistical moves. Cook made it so that Apple only had a few days of inventory on hold in warehouses, instead of a few months.

A different apple

Cook has been accused of being less of a producer than Jobs, but he was also in charge when Apple needed to switch to services.

Apple under Tim Cook offers a wider range of products, from iPod touch to Apple TV +. He has personally become much more visibly political than Jobs ever was, even when it drew criticism for him and Apple.

He’s not really popular in the FBI, for example. Yet even Apple resisted federal officials until they refrained from pressuring the company to unlock iPhones following the San Bernardino attacks, with Cook expressing the most regret over the dispute. .

Except that his wish wasn’t for Apple to change its mind and give in to the FBI. Instead, he has publicly stated that he believes the case should have gone to court.

Then, Cook was also more visibly willing to support charities himself and ask Apple to donate for relief efforts such as aid following the explosion in Beirut.

Different but the same

Apple’s current product line has moved to the iPhone 11 instead of the iPhone 4. Instead of the iPad 2, this is the seventh generation of the iPad, the fifth of the iPad mini and the fourth from the iPad Pro.

Tim cook

Tim cook

There is one thing that remains the same, however.

In 2020, Apple is America’s Most Valuable Company by all accounts, and in 2011 it was America’s Most Valuable Company by some metrics. The difference is that in 2020 that value is $ 2 trillion, and in 2011 Apple was worth $ 153.3 billion.

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