Apple’s Board of Directors said that Tim Cook, previously Apple’s chief operating officer, will take over as the company’s new CEO. Cook has been filling in for Jobs since the company co-founder took his second medical leave in January. Jobs, who was elected chairman of the board, has been battling pancreatic cancer.
Apple stock initially dropped 25 points as the news broke but has been gradually rebounding, according to MacMechanic founder Mike Bishop. He said investors’ shaken confidence might be the only short-term impact.
“It’s still an excellent company. They have more money in the bank than the federal government — more than $80 billion and no debt,” Bishop said. “We knew this was going to happen. We just didn’t know when. It was a knee-jerk reaction. It may go up by the end of tomorrow because the mystery is gone.”
MacMechanic has been working with Cook for the past several months.
“Cook is a good fit. He is awesome,” Bishop said. “He is very knowledgeable and very savvy. He may not be a huge creative genius like Steve, but otherwise he is kind of a Steve clone.”
But that’s what worries Make It Work CEO Eric Greenspan, who said the stock market will “take a beating” because of the uncertainty of the company’s direction.
“The long term is what concerns me,” Greenspan said. “Without Jobs in the driver’s seat, we might not see the exciting products we’ve seen over the past few years. He’s revitalized the company.”
But Bishop said that with Apple Senior Vice President of Design Jonathon Ive, people have nothing to worry about.
“It won’t impact Apple because they still have Jonathan Ive, the creative genius who designed the iPod, iMac and iPhone,” he said. “Apple is very methodical in placing the right people and making the right decisions — all the way up from our Apple guy to the top. They are careful and groom people for just such a day.”
Samy’s Camera lead technician Ignacio Loza agreed.
“I’m not so worried about Apple going downhill,” he said. “I think Steve has got everyone trained on the direction they are going.”
Greenspan said Apple could even benefit in terms of new collaboration and development.
“The product direction and development and the manner Apple works with vendors is the only thing holding it back,” said Greenspan, referencing Jobs’ resistance of the iPhone jailbreaking and Flash incompatibility. “Apple has such rigid standards that have kept people from migrating or adopting Apple, particularly in the business world.”
But he said Jobs’ resignation may do more harm than good.
“I think it’s definitely going to hurt (Apple). Jobs is one of greatest leaders of all time who I have tremendous respect for and strive to be like,” Greenspan said. “That said, I would be a bit concerned buying Apple products in the future.”