This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

I Don't Believe Steve Jobs Wanted Tim Cook to Be Apple CEO

Stocks in this article: AAPL

NEW YORK ( TheStreet) -- Twitter co-founder Jack Dorsey made an appearance on CNBC's "Twitter Revolution" documentary Wednesday night.

Dorsey talked about the culture of innovation he's part of in San Francisco. In those few seconds, Dorsey reaffirmed an opinion I expressed in April: He or somebody like him should be the next CEO at Apple (AAPL). Scratch that ... He or somebody like him should have been named CEO of Apple when Steve Jobs resigned.

Chirp me all you want, but soon -- mark my words -- the financial, tech and mass media will turn the heat up on Tim Cook and, subsequently, ask when will Apple fire him and who will be his replacement. Apple's Board of Directors went all-in Tim Cook. That was a mistake. However, entrepreneur Nathan Hangen said it best in response to me on Twitter:

But, soon, as Cook's impotent leadership increasingly shows itself for what it is -- a roadblock to Apple's quest to maintain its dominance -- the company will have no choice. Operating on empty rhetoric and turning 2013 into The Year of the Copycats with Apple playing the opposite role Steve Jobs had it playing in 2011 simply will not fly for much longer:

I hope you watched that YouTube clip.

If you watch it, I'm not sure how you can look at yourself in the reflection of your smartphone and not absolutely agree with the sentiment I have been expressing -- articulated in many of the links presented earlier in this article -- that Apple remains dominant almost by default today, but cannot possibly remain great on Tim Cook's watch.

The most common, yet ultimately shallow logic in response to my take is some variation of Steve Jobs "handpicked" Tim Cook for the CEO Job so how can you second guess it?.

First, I don't believe the company line. When Steve Jobs resigned and Apple named Tim Cook CEO here are key portions of the company press release:

"Steve's extraordinary vision and leadership saved Apple and guided it to its position as the world's most innovative and valuable technology company," said Art Levinson, Chairman of Genentech, on behalf of Apple's Board. "Steve has made countless contributions to Apple's success, and he has attracted and inspired Apple's immensely creative employees and world class executive team. In his new role as Chairman of the Board, Steve will continue to serve Apple with his unique insights, creativity and inspiration."
Jobs submitted his resignation to the Board today and strongly recommended that the Board implement its succession plan and name Tim Cook as CEO.

Business Insider has a nice summary of the conversation Tim Cook claims went down between he and Steve Jobs when Jobs apparently told Cook We can't have a Walt Disney situation here. We need a professional CEO transition. You're the guy. Don't do what I would do, just do what's right. Now pass me the prototype motion-detector remote control and leave. That exchange has gone down as legend. Whether it actually went down that way, I don't claim to know. But, there's no question in my mind that it's about as good as urban legend.

If that's indeed what Jobs wanted, it's the worst decision he ever made in his life.

A few folks consider Jobs such an egomaniac they think he named Cook CEO because he knew he couldn't handle it. This was a way to enhance the power of his (Jobs') own legacy even more. (And, given how so many AAPL fans posthumously disrespect Jobs, I can sort of see why). That said, I'm not sure I can quite get with the overall theory.

It's probably a bit more accurate that it didn't happen in a perfectly-scripted one-on-one encounter between a Steve Jobs Tim Cook thought was getting better. It's all too Hollywood. And, as it plays out, the story appears headed for a tragic ending. (Again, read the links; we provide them as to not have to illustrate support for our positions repeatedly).

Watch the YouTube. Think hard about what Jobs said. Listen to his words. Compare them to history, reality and what you hear come out of Cook's mouth. Can you, in good conscience, not consider Apple the poster child for 2013: The Year of the Copycats? Dividend/buyback. iTunes Radio. And the apparently forthcoming cheap iPhone and larger screen smartphone.

Then catch what Jack Dorsey said to CNBC's Carl Quintanilla about creating things. About being an entrepreneur. Compare them to Tim Cook's rhetoric that doesn't come from the heart; rather, it's straight out of copy from Apple's marketing department.

Have an honest go with yourself (I'm not even British) and tell me that Jack Dorsey -- or somebody like him -- wouldn't have been a better choice as Apple CEO. And ask yourself why in the hell did Tim Cook get the job in the first place. If you think it's because of Steve Jobs, you'll believe anything they tell you.

-- Written by Rocco Pendola in Santa Monica, Calif.

Rocco Pendola is TheStreet's Director of Social Media. Pendola's daily contributions to TheStreet frequently appear on CNBC and at various top online properties, such as Forbes.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs