Editorial: Tim Cook leaves an enduring legacy
While the Steve Jobs era was defined by groundbreaking innovation, Tim Cook’s leadership will be remembered for driving Apple’s exceptional financial growth
Stepping into the shoes of a tech rockstar like Steve Jobs and carrying forward his legacy is no mean task. When Tim Cook took over the reins of Apple in 2011, many in the industry feared the company could falter without its charismatic co-founder. However, they have been proved wrong. Over the last 15 years, Cook has steered Apple’s rise from a Silicon Valley darling valued at $350 billion into a cash-generating giant worth $4 trillion. If the Steve Jobs era was defined by technological innovation, the Tim Cook period has been one of exceptional financial growth. As Cook prepares to step down as CEO and transition into a new role as executive chairman in September, his tenure will be remembered for the company’s phenomenal growth, riding high on the popularity of its products like iPhone, MacBook, iPad, and Apple Watch. He will be replaced by John Ternus, the senior vice president of hardware engineering. Cook may not have had the same swag and aggression as Jobs, but he wielded an unassuming superpower that helped Apple grow into a technology juggernaut. When he took over the helm of Apple in 2011, the release of new iPhones had already become cultural touchstones, as closely watched as the latest Hollywood blockbusters. Apple remains one of the most profitable companies in the world, thanks to the steady sales of its iPhones, products like the Apple Watch, and services including iCloud and Apple Pay.
Apple, a computer firm that started in a California garage in 1976 and faced several setbacks in its journey, became a $3 trillion company in 2022, the first publicly traded company to ever reach the figure. Under Cook’s leadership, the company’s annual revenue quadrupled, and its profits rose fourfold. The iPhone became ubiquitous, the Apple Watch proliferated, and the company expanded into credit cards and TV shows. Apple’s growth is a testament to how Cook turned the iPhone into one of history’s best-selling products. Introduced by Jobs in 2007, the iPhone started the smartphone revolution, changing the way people work and socialise. But Apple was selling only 72 million iPhones a year when Cook took over. Two years later, Cook struck a deal with China’s largest wireless company, China Mobile. By the end of that year, Apple had more than doubled the number of iPhones it sold, and China had cemented itself as the company’s largest market after the United States. In 2018, Apple became the first public company worth $1 trillion. Over the next year, it added another $1 trillion in market value after the pandemic led people who were working from home to splurge on iPhones, iPads and Macs. Even though it has largely missed out on the artificial intelligence boom, which is driving the sales of its technology peers, the company’s profits and stock value continue to grow.
