It’s been over 10 years since Tim Cook became Apple’s CEO. Cook already stated that he won’t be working at Apple for 10 years. According to a new report, Tim Cook would like to launch a new product category in order to step down as Apple’s CEO.
For a few years, the 61-year old leader replaced Steve Jobs. It all started in January 2009. Steve Jobs was able to return for a short time, but his health quickly deteriorated. Cook assumed control in August. 2011. Gurman points out that Cook is scheduled to receive a payment of Apple shares, currently valued at $ 740million. He is also expected to receive the last 1 million Apple shares in 2025.
Mark Gurman, the Bloomberg Power On newsletter’s latest issue, speculates that Tim Cook would like to stay around for “one last major product category.” Gurman says that this product category won’t be the ambitious Apple Car project, but something more in the realm of virtual reality.
There are indications that this is unlikely to happen. Apple believes that Cook wants to stay for a new product category. These will be augmented reality glasses, not a car. He knows that Silicon Valley businesses are often run by young people and that he will not stay long.
Rumors suggest that Apple will launch a new AR/VR headset next year. This could be the “new product group” Tim Cook would like to launch before he leaves Apple as CEO. Gurman says that Tim Cook will likely be retiring between 2025-2028 as his salary contract expires in 2025.
A Company That Thrives
Apple thrived under Tim Cook’s leadership. The company’s revenue has increased by more than two-fold since Tim Cook took control. It went from $ 108 billion to $ 273 billion in 2020. It was also the first tech company to be valued at 2,000 billion dollars.
Which product category does Tim Cook plan to launch before he retires, and why? When Tim Cook is ready to retire, the person who takes over as CEO will be responsible for a lot of things.