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Apple, Inc: Transparency in Corporate Statements About the CEO. Health Concerns …. 2006. 2008. Health Concerns Grow …. Apple’s Initial Response. “…hormone imbalance…”. “…simple and straightforward…”. “…continue as Apple’s CEO…”. Apple’s Second Response.

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Apple, Inc: Transparency in Corporate Statements About the CEO

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Presentation Transcript


Apple, Inc:

Transparency in Corporate Statements About the CEO


Health Concerns …

2006

2008


Health Concerns Grow …


Apple’s Initial Response

“…hormone imbalance…”

“…simple and straightforward…”

“…continue as Apple’s CEO…”


Apple’s Second Response

“…health-issues are more complex…”

“…to take a medical leave of absence…”


Interested Parties

  • Apple Inc.

  • Shareholders & Investing Community

  • Media

  • Competitors (i.e. Dell, Microsoft, etc.)

  • Apple Customers

  • U.S. Government

  • Legal Community


Initial Public Response


Looking Ahead

  • Why & how

  • is Jobs important to Apple?

  • What are the main

  • post-Jobs issues?


The History of Apple


The History of Apple

Co-founders Steve Jobs and Steve Wozniak in April 1976


The History of Apple: Stage I

Apple II (1980)

Macintosh (1984)

Apple I (1976)


The History of Apple: Stage II

John Sculley

Apple CEO (1985 – 1993)

Macintosh Portable (1989)

Macintosh Performa (1992)

Newton OS (1993)


The History of Apple: Stage II

Michael Spindler

Apple CEO (1993 – 1996)

(Yahoo! Finance)


The History of Apple: Stage II

Gil Amelio

Apple CEO (1996 – 1997)

(Yahoo! Finance)


Steve Jobs: 1985 - 1997

1985: Founded by Steve Jobs

1996: Sold to Apple ($429 million)

1986: Bought by Jobs

($10 million)

2006: Sold to Disney ($7.4 billion)


The History of Apple: Stage III

Personal Computers

iMac

(1998)

MacBook

(2006)


The History of Apple: Stage III

Personal Devices

iPods

(2001)

iPhone

(2007)


The History of Apple: Stage III

Multimedia

iTunes

(2003)

Apple TV

(2007)


The History of Apple: Stage III

(Yahoo! Finance)


Steve Jobs Premium?

How much has Steve Jobs been worth to Apple Stock?

~$20 Billion

Analysts estimate between 10-20%...


Sustainable Industry Leader?

(Apple Keynote Address 2008)


Media/Investor Relations

“… Apple has allowed its institutional arrogance, its culture of secretiveness, and possibly its solicitude for and fear of Jobs to lead it down a path of rank corporate irresponsibility…”

(Los Angeles Times, January 2009)

“… The quality of information we’re getting from Apple is inconsistent at best and misleading at worst.”

(CNBC’s Fast Money, January 2009)


Legal Ramifications?

Apple faces a government review from the SEC of its disclosures about Steve Jobs’s health problems to ensure investors weren’t misled.

(Bloomberg, January 2009)

“It seems likely that someone will bring legal action claiming that Apple or its directors failure to keep the market fully informed about Jobs‘s health constituted a material misstatement.”

(iTWire, January 2009)


Initial Market Response


Initial Market Response

  • Dec. 9, 2008 - Apple Inc. trading at $100.06 per share

  • Jan. 5, 2009 - Apple rebounds to $94.58 after Jobs’s assurance that he will continue as Apple CEO

  • Dec. 24, 2008 - Apple loses 15% after Jobs pulls out of his 2009 MacWorld keynote address

  • Jan. 20, 2009 - Apple loses almost 20% when Jobs announces his leave of absence ($78.20)


Market Comparison


Summary of Issues

  • Diminished Company Value

    • Lower Stock Price

    • Concerns of Post-Jobs Success

  • Media & Investor Distrust

    • Lack of Communication Credibility

  • Potential lawsuits & SEC review

    • Potential Financial Impact

    • Potential Negative PR


Looking Forward

  • How can Apple communicate to the investing community that it can be successful without Jobs?

  • Should Apple try to develop a new Jobs-like front man with somebody like Timothy Cook or Jonathan Ive?

  • Does Apple need to have better overall communication with the media and the public?

  • If so, how, and does this also include greater disclosure about Steve Jobs’s personal health issues?

  • If faced with filed lawsuits, should Apple try to nip it in the bud (i.e. quickly settle out-of-court) to avoid the potentially negative PR?


Apple’s Top Talent

  • Timothy D. Cook

  • Chief Operating Officer (acting CEO)

  • Dramatically increased Apple’s margins by pulling it out of manufacturing

  • Served as Apple CEO for two months in 2004

  • Jonathan Ives

  • Senior Vice President, Industrial Design

  • Lead designer behind the iMac, iPod, PowerBook, MacBook and iPhone

  • Numerous design awards, also rated the most influential Briton in America


Q&A


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