Apple Investors: We're Not Worried
CUPERTINO, Calif. (TheStreet) -- Apple (AAPL) investors, though sad to see the end of the Steve Jobs era, are confident that new CEO Tim Cook can keep the tech giant firing on all cylinders.
"Today's news wasn't bad since it means a continuation of the status quo, which has worked out pretty well these past few years," said Apple shareholder Scott Grannis, in an email to TheStreet. "I think one of Apple's great strengths is its culture, and that is what should allow it to continue to succeed even without Steve Jobs at the helm."
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| Apple investors say that they are unfazed by Apple's CEO reshuffle. |
Jobs' heir apparent, Apple COO Tim Cook, has already assumed the CEO's role, much to the relief of the company's shareholders.
"The best part of today's announcement was what the board did not do," added Grannis, who writes the Calafia Beach Pundit blog. "They didn't pick an outsider, they picked a guy that has proven himself to be fully in sync with the apple culture -- if Steve Jobs' successor had been an outsider, then I would have been truly worried right now."
Former IBM (IBM) and Compaq executive Tim Cook is no stranger to the Apple hotseat, having run the company during Jobs' three medical leaves of absence. The Auburn grad joined Apple as senior vice president of operations in 1998, later becoming executive vice president of worldwide sales and operations. Widely acknowledged as a logistics guru, Cook was promoted to COO role in 2005. Jobs' departure could also raise the profile of the company's design master Jonathan "Jony" Ive. As Apple's senior vice president of industrial design, the Brit has earned a fearsome reputation for product development, and will help drive the firm's innovation engine in Jobs' absence. "I expect [Cook], as well as the other talented managers, will continue moving Apple forward," noted Michael Yoshikami, CEO and founder of YCMNET Advisors, in an email to TheStreet. "The bench strength of Apple is significant and many individuals have taken a greater role in the company given the developments with Steve Jobs' health over the last several years."Select the service that is right for you!
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