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Tech CEO Pick – Which Tim ‘Cooks” at Apple and Earns the Most among his Peers?

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Timothy Donald “Tim” Cook (born November 1, 1960) is an American business executive, and is the CEO of Apple Inc.[1] Cook joined Apple in March 1998[2] as SVP of Worldwide Operations and also served as EVP of Worldwide Sales and Operations and was COO until he was named the CEO of Apple on August 24, 2011, succeeding Steve Jobs.[3] Cook had previously served as acting CEO of Apple after Jobs began medical leave in January 2011.[4]

In early 2012, he was awarded compensation of 1 million shares, vesting in 2016 and 2021, by Apple’s Board of Directors.[5] As of 2012, Cook’s total compensation package of US$378 million makes him the highest paid CEO in the world.[6]

Early years

Cook grew up in Robertsdale, Alabama, near Mobile. His father was a shipyard worker, while his mother was a homemaker. Cook graduated from high school at Robertsdale High School, earned a B.S. degree in industrial engineering from Auburn University in 1982,[7] and his M.B.A. from Duke University‘s Fuqua School of Business in 1988.[8]

Personal life

Cook is a fitness enthusiast and enjoys hiking, cycling, and going to the gym. He regularly begins sending emails at 4:30 a.m. and used to hold Sunday night staff meetings by telephone to prepare for the next week.[9] Cook also serves on the board of directors of Nike[3] and the National Football Foundation.[24]

While giving the 2010 commencement speech at Auburn University, Cook emphasized the importance of intuition in guiding his life’s biggest choices, and followed by stating that preparation and hard work are also necessary to execute on that intuition.[25]

Under Cook’s leadership, Apple has increased its donations to charity.[26][27]

tim-cook Bloomberg-Tim-Cook-cover f0d16_tim-cook-hands-on tim_cook_iphone_5_hero apple-exec-tim-cook images Tim-Cook-Steve-Jobs Tim-Cook-presentation screen-shot-8-24-12-at-8-33-05-pm

Cook shared the three keys to his leadership at Apple: people, strategy, and execution. “If you get those three right the world is a great place.”

Career -Before Apple

Cook served as chief operating officer (COO) of the computer reseller division of Intelligent Electronics. He also spent 12 years in IBM‘s personal computer business as the director of North American Fulfillment.[2] Cook was VP for Corporate Materials at Compaq for seven months.[citation needed]

Apple

He was hired by Steve Jobs to join Apple in 1998. His first assignment was Senior Vice President for Worldwide Operations.[2] His mandate was to clean up the atrocious state of Apple’s manufacturing, distribution, and supply apparatus. Cook is credited with pulling Apple out of manufacturing by closing factories and warehouses around the world. This helped the company reduce inventory levels and streamline its supply chain to reach high efficiency, dramatically increasing margins. These initiatives have proven key to Apple’s success in unveiling next-generation products, keeping them secret until they are ready for distribution to retail, forecasting demand and executing against that forecast. Cook has been quoted as saying “You kind of want to manage it like you’re in the dairy business. If it gets past its freshness date, you have a problem”.[9]

In January 2007, Cook was promoted to COO.[10]

Cook served as Apple CEO for two months in 2004, when Jobs was recovering from pancreatic cancer surgery. In 2009, Cook again served as Apple CEO for several months while Jobs took a leave of absence for a liver transplant.

In January 2011, Apple’s Board of Directors approved a third medical leave of absence requested by Jobs. During that time, Cook was responsible for most of Apple’s day-to-day operations while Jobs made most major decisions.[11] After Jobs resigned as CEO and became chairman of the board, Cook was named CEO of Apple Inc. on August 24, 2011.[12][13] On October 5, 2011 Steve Jobs died due to complications from a relapse of his previously treated islet-cell neuroendocrine pancreatic cancer, one day after Apple’s Keynote on the 4th of October. On that keynote iOS 5, iPhone 4S, Siri, and iCloud were announced. On March 7, 2012 Apple announced an iPad with Retina display and an updated Apple TV.

read more at: http://en.wikipedia.org/wiki/Tim_Cook

 

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Industry

THE FINTECH REVOLUTION IN INSURANCE

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Advancing technology has collided with longstanding customer issues to create a series of deep, lasting, systemic challenges for insurance. How will these trends impact insurers’ businesses and the industry overall?

The rise of fintech, changing consumer behavior, and advanced technologies are disrupting the insurance industry. Additionally, Insurtechs and technology startups continue to redefine customer experience through innovations such as risk-free underwriting, on-the-spot purchasing, activation, and claims processing.

The report from Deloitte Global examines forces that are disrupting the insurance industry and presents four possible scenarios for the future. We explore:

  • Changing the channel: Partnerships with product makers and distributors, and embedding insurance into other products and services may enable customers to select products that best fit their lifestyle.
  • Underwriting by machine: Technology advancements including AI innovations and algorithms will likely individualize risk selection and pricing, and customers can select products based on a wider range of price points.
  • Rise of the flexible product: Time-flexible, event-driven, modular and adjustable coverage may evolve to accommodate life stage, lifestyle, and wellness changes among consumers.
  • E-Z life insurance: Given the growth and shopping patterns in emerging markets, insurers who introduce flexible term products, and master digital distribution without compromising underwriting are likely to win in the marketplace.

Read the report to understand what the future holds for the insurance industry.

Key Contact

Neal Baumann

Neal Baumann

Global Insurance Leader

Neal leads Deloitte’s Global Insurance practice and is the US insurance consulting leader. He has 20 years of experience advising financial services and insurance company clients on corporate and comp… More

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Business

EUROPEAN INVESTMENT BANK RUNS BLOCKCHAIN HACKATHON

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A team from EY triumphed in a 48-hour European Investment Bank (EIB) hackathon designed to find ways to use blockchain technologies to redesign the transaction processing of commercial paper.

The EIB brought together 56 coders from 15 countries in 12 teams for the hackathon, run alongside the bank’s annual forum dedicated to treasury issues.

While the conference was running, the coders were locked in an adjacent room, trying to prove that blockchain tech can improve the transaction process of commercial paper – a short-term financing instrument that is used worldwide in treasury operations and still relies on an ‘archaic’ and complex process.

In the pitching session, the EY team won the contest with an effort that taps a combination of blockchain, robotics and business AI tools to optimise the issuance process and reduce the number of exchanges between the EIB and its counterparties while maintaining each one’s role within the ecosystem.

The EY team won a EUR5000 cash prize and a contract with the EIB to further develop its solution into a proof of concept.

Alexander Stubb, vice president, EIB, say: “There will be major gains from the use of new technologies such as blockchain, generated from the simplification and streamlining of existing financial processes. The new perspectives opened up by digitalisation and Distributed Ledger Technology must be assessed and we must all be ready to make use of them and embark on this new venture.

“As the EU’s financial arm, we decided to be on the active side, learn by experience and make things happen, to be a facilitator and join with our banking partners to pave the way for tomorrow’s financial industry.”

Separately, Barclays is planning a hackathon that will see coders use blockchain technology for post-trade processing of derivatives contracts. The event will take place over two days in September in London and New York, according to Coindesk.

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Industry

GOOGLE NEVER REALLY LEFT CHINA: A LOOK AT THE CHINESE WEBSITE GOOGLE’S BEEN QUIETLY RUNNING

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More information is leaking out about just how Google is planning to re-enter the Chinese market with a mobile search engine application that complies to the country’s censorship laws.

The Intercept first broke this story when a whistleblower provided them documentation detailing the secret censored search project (codenamed Dragonfly). According to them, an overlooked Google acquisition from 2008 — 265.com — has been quietly laying down the foundation for the endeavor.

In order to run a business in China, tech companies are required to obtain a Internet Content Provider license from the Chinese government. As it’s difficult for foreign businesses to obtain this license, Google has long partnered with Chinese IT company Ganji.com. Back in the early years of Google.cn, Google actually operated directly off of Ganji.com’s license, even claiming the Chinese company was temporarily running its search engine. Facing intense scrutiny from the Chinese government and the media over this license arrangement, in 2007 Google formed a legitimate joint venture company with Ganji.com — the Beijing Guxiang Information and Technology Co.

Because of the necessity of that license, Google has maintained that joint venture and has been operating in China under the name Beijing Guxiang Information and Technology Co. ever since. Even after the shut down of Google.cn, Google’s Chinese advertising enterprise has been operating under the joint venture company as well as, low and behold, 265.com. A whois search of the 265.com domain name, which provides a record of the current domain registrant information, pulls up Beijing Guxiang Information and Technology Co. as the registrant organization.

A significant number of Google employees are reportedly none too happy about Google’s project complying with Chinese censorship laws. This most recent news, that the company has long been collecting data for a moment just like this, surely won’t make morale among these workers any better.

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