Tim Cook Became Apple CEO 10 Years Ago

Tim Cook Became Apple CEO 10 Years Ago

Tim Cook Became Apple CEO 10 Years Ago

Tim Cook Became Apple CEO 10 Years Ago it was a difficult task. He succeeded Steve Jobs in founding the company. After returning from exile, he launched the products that made Apple a modern computing juggernaut: the iMac and iPod, iPhone, iPad, and iPhone.

Cook claims that Jobs advised him to be his leader and never ask Steve what he would do. He followed that advice and built a robust operational juggernaut that made Apple the most valuable publicly-traded company.

Cook oversaw Apple’s iPhone business, reviving it with new products and new customers. The company has introduced several new products since 2011, including the Apple Watch and AirPods. Cook’s Apple has grown significantly since he took it over. It also faces new challenges such as navigating politics worldwide and the constant question of what the next big Apple product will be.

The board of Apple is satisfied with Cook’s performance and overall performance. In September, Apple’s board granted Cook shares and performance-based awards to give him more than 1 million Apple shares through 2026, his first stock grant since he took over.

Here is Cook’s 10-year report card.

Cook was acting CEO before his official takeover. However, the gap between today’s sales and the quarter before Cook assumed control shows how bigger Apple has become.

Apple’s third-quarter 2011 revenue was $28.57 billion. Apple’s sales for the third quarter of 2011 were $81.4 billion. This is almost three times the revenue from the previous quarter.

Apple’s iPhone alone was responsible for almost $39.6 Billion in revenue last quarter. This is more than all of the company’s sales at Cook’s time.

Market cap and stock price

Investors would be delighted if they purchased Apple on Cook’s initial day. A $1,000 investment in Apple stock on Aug. 24, 2011, would have a value of more than $16,866 by Monday. This is a 32% annual return if all dividends are reinvested. Over the same period, the S&P 500 returned less than 16% annually.

Apple has been working to reduce its share count by buying back stock. In July, Luca Maestri, Apple’s Chief Financial Officer, stated that more than $450 billion had been spent on dividends and buybacks since 2012.

Apple held 929,409,000 outstanding shares in 2011. It had 17001,802,000 shares outstanding in October after a 4-1 stock split and a 7-1 stock splitting in 2014. Apple’s 2011 share outstanding was 607,207214, a decrease of 35% since Cook took control.

Apple is the most valuable publicly-traded company with a market value of more than $2.4 trillion. This surpasses other giants like Amazon and Microsoft.

Apple’s new focus is on its services business, which is one of the reasons it has a large market share. This category covers software subscriptions such as iCloud, Apple Music, App Store downloads, portion users make in apps they download, AppleCare warranties, and money from Google to make their search engine the default iPhone. It also includes cuts from Apple Pay payments. Apple began to pay attention to this previously neglected category in 2015, as iPhone growth slowed.

Apple has begun to offer new products to enhance its services. These include Apple News+, a digital magazine bundle, and Apple TV+ (a competitor to Netflix). Apple One is a subscription that bundles its services. It recently added privacy features to its paid iCloud accounts.

The growth of Apple’s services business from $2.95 billion in fiscal 2011 to $53.77 billion in fiscal 2020 has given investors confidence that it can find new revenue streams even as iPhone sales slow.

New products

Jobs is known for being a product-focused CEO. He was involved in the creation of new devices, from their conception to their release on shelves. Cook may not be as product-oriented as his predecessors, but Apple has launched several successful new products.

Apple Watch was released in 2015 by Apple. It is a companion to the iPhone and displays notifications, tracks heart rate, and works with compatible watches from fashion brands like Hermes.

While Apple has never released unit sales numbers or even direct revenue from the watch, one estimate from Counterpoint Research says that Apple shipped 33.9 million watches in 2020, far outpacing Huawei, the second-place company, which only shipped 11 million smartwatches.

Apple also launched AirPods in 2016. Similarly, Apple has never announced financial results from the AirPods, but the company’s wireless headphones accounted for just under half of wireless headphone sales in 2020, according to Strategy Analytics.

Apple’s “other” category (at the time called “peripherals, other hardware”) reported $2.3 billion in sales in 2011. After being helped by both Apple Watch and AirPods’ release, it generated more than $30.6 million in revenue. In 2020, it received the moniker Wearables Home and Accessories.

Apple’s primary product is still the iPhone. It accounted for 47% in sales during the last quarter. Cook has overseen a strict annual release schedule for the iPhone. The iPhone 4 was the most advanced iPhone at the time Cook took control. It had a 5-megapixel camera, a 3.5-inch screen, and a 3.5-inch display. Modern iPhone 12 devices have three cameras, 6.7-inch screens, and an Apple-designed processor. This rivals even the fastest computer chips.

The iPhone 4 costs $599 for an entry-level model or $199 with a carrier agreement. Today, Pro models start at $999.


Apple was still in business a month after Cook’s departure.60,400 full-time employees. According to, it now has 147,000 employees who work full-time in different countries around the globe. A filing last fall.

Apple’s global operations are going to present new challenges. Cook personally navigated a relationship with former President Donald Trump as the U.S. placed tariffs on parts and products that Apple imports. China and other countries are also pressing Cook about the apps it offers and its cloud services.

Apple is often grouped with other tech giants in the U.S. as too powerful. Apple’s case has been criticized by regulators and others for its App Store, which is the only way that iPhone users can install the software. It is accused of having arbitrary rules. They also criticize Apple’s 30% cut on most purchases.

A judge from Oakland, California, will decide if Apple violated antitrust laws. This decision was prompted by Epic Games’ lawsuit. Cook testified in court for the first time as CEO during that trial. Apple also faces legislation currently being debated in Congress, which would force the company to change the way it administers its software stores. Apple denies that it has a monopoly on its app store.

Apple is also frequently asked about its next product. It’s been investing heavily in researching self-driving electric cars, but a release date is likely years away. It is working in the health world to allow users to store medical records and communicate with their doctors, but Apple hasn’t released any health hardware except for its Apple Watch. Apple is also working on virtual reality and augmented reality headsets, but those represent a big new category that hasn’t yet caught on with consumers.

Apple CEO Brings Home $750 Million Bonus

It pays to be Apple’s leader.  Tim Cook, the company’s CEO was recently awarded a bonus worth $750 million in Apple stock. This marked his 10th anniversary of being CEO.

Thursday’s regulatory filing revealed the bonus. He quickly cashed out the 5,000,000 shares. These shares were awarded based on performance and time spent with the company.

Cook was appointed CEO in 2011 shortly after the death of Steve Jobs, his co-founder. Apple’s market value has increased by 1,200% since Cook assumed control of the company. Cook is valued at $1.4 billion and still holds 3.2 million shares. According to regulatory findings, Cook also donated 70,000 shares worth $10 million to charity. He worked at Compaq and IBM before joining Apple in 1998.