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A good 'Apple' named as Jobs replacement

Cook to assume CEO position
Tim Cook

CUPERTINO, California — Apple announced that it has named Tim Cook, previously COO, as the company's new CEO, replacing Steve Jobs who has resigned from the position. Jobs has been elected chairman of the board and Cook will join the board, effective immediately.

“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.”

As COO, Cook was previously 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. He also headed Apple’s Macintosh division and played a key role in the continued development of strategic reseller and supplier relationships, ensuring flexibility in response to an increasingly demanding marketplace. Cook has been serving as acting CEO of Apple since January, when Jobs stepped down from the role due to illness.

For its third quarter, Apple reported quarterly revenue of $28.57 billion and record quarterly net profit of $7.31 billion, or $7.79 per diluted share. These results compare with revenue of $15.7 billion and net quarterly profit of $3.25 billion, or $3.51 per diluted share, in the year-ago quarter.

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