Market News – The future of Apple with new CEO Tim Cook

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Even though the world knew that Steve Job’s death was coming, since his illness was known and his cancer worsened this year, his death was still a shock and very sad. Jobs disclosed he had cancer in 2004 but that has not stopped Apple shares from climbing.

Apple shares trading on the German trading floor in Frankfurt did fall this morning in reaction to Apple CEO’s death that was announced by the company late on Wednesday night. Apple stock dropped by as much as 2 percent by 10am in Frankfurt, recording a share price of $364.82. But the future of Apple is strong and many have faith in the new CEO Tim Cook.

The stock moved little when Jobs resigned as CEO on Aug. 24, 2011. He was succeeded by Tim Cook who took the stage to introduce a new iPhone, the iPhone 4S just a day before Job’s death.

There is alot of faith in Cook to continue Job’s vision and continue Apple’s growth and expansion into new markets, especially in Asia.

Many now question the future of Apple under Tim Cook and without Steve Jobs. Many say Cook is better at forging consensus unlike Jobs. But also Cook is said to have many of Job’s traits, such as a demand for perfection, an exhaustive attention to detail, and a hard-nosed attitude at the negotiating table. Cook has a lot of credibility, and confidence in his leadership runs high.

The future of Apple will be strong since Steve Jobs’ influence is deeply imbedded into the company and even though Jobs is gone, he has left behind many capable executives to carry the torch for Apple. Apple holds some of the best talent in Silicon Valley.

 

Tim Cook has been at Apple since 1998 and has been a key player on the company’s road to success. As COO he was “responsible for all of the company’s worldwide sales and operations, including end-to-end management of Apple’s supply chain, sales activities, and service and support in all markets and countries.”

Just like Jobs, Cook is passionate about Apple’s mission. He said this on an earnings call two years ago:

“We believe that we’re on the face of the earth to make great products and that’s not changing. We’re constantly focusing on innovating. We believe in the simple, not the complex. … We believe in saying no to thousands of projects so that we can really focus on the few that are truly important and meaningful to us.”